Wednesday, July 28, 2021

Six-figure CBILS loan for Doncaster engineering firm

Cogent Projects has secured a six-figure CBILS-backed loan to stave of trading uncertainty poses by COVID-19 and to help finance expansion plans.

The Doncaster-based mechanical and electrical engineering firm secured the £250,000 loan from NPIF – FW Capital Debt Finance; part of the Northern Powerhouse Investment Fund.

The funding will allow Cogent, which posted £8.8 million in turnover last year, to continue with its growth trajectory, potentially creating 11 new jobs over the next three years, with sales revenue anticipated to increase to £15 million.

The FW Capital deal was introduced by Karl Hodson of BTG Advisory and was completed by FW Capital Investment Executives Andy Castle and Anne Blanden.

“This funding will allow Cogent to continue with its expansion plans, which will safeguard and create jobs for the future,” said Mr Castle.

Robert Daniels, Cogent Projects Chairman, said: “Securing the backing of FW Capital with an NPIF loan backed by the Coronavirus Business Interruption Loan Scheme has provided us with the support we needed during a period of significant uncertainty.”

He added: “This investment has not only safeguarded jobs, but has given us the funding to continue with our growth plans and our goal of creating 11 more positions across our business.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.