NPIF II - NEL investment supports Nutral Solutions' next phase of expansion
Leeds-based workforce management and compliance specialist Nutral Solutions is accelerating its growth plans following a seven-figure investment from NPIF II – NEL Debt Finance, managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II).
The funding supported a management buyout that saw founders Alex Gosney and Ben Wardleworth take full ownership of the business and is now helping to drive the company's next phase of expansion as demand grows for specialist workforce management, compliance and supply chain assurance services across the construction and infrastructure sectors.
Founded in 2021, Nutral Solutions has established itself as a trusted partner to contractors and major infrastructure projects, helping organisations manage workforce procurement, compliance and governance across increasingly complex labour supply chains. Through its technology-enabled platform and specialist expertise, the business provides greater visibility, assurance and operational control for clients operating in highly regulated environments.
The company has experienced significant growth since launch, managing more than £416 million of workforce spend and supporting over 500 projects during the last 12 months. Nutral Solutions recently surpassed six million workforce hours managed and continues to see growing demand from organisations looking to strengthen workforce compliance, reduce risk and improve supply chain transparency.
The business is now using the investment to support its expansion across the UK, Ireland and mainland Europe while continuing to invest in its technology platform, service delivery capabilities and growing team.
Alex Gosney, Chief Executive Officer of Nutral Solutions, said: "Buying out a partner while running a fast-growing business isn't something you do lightly, and the debt structure had to work for our company. NEL understood that, and understood us.
“We sell and embed technology every day, but what makes that technology come alive is the human expertise that manages the change, drives the communication and builds the relationship. When we went looking for a funding partner we wanted someone who understood that, and after meeting Michael we knew NEL would be a good fit. He took the time to get under the skin of how a neutral vendor MSP earns its fee, worked through the process with us properly rather than off a template, and then got the deal done. We even managed a game of padel for good measure
"We've got £416m of spend under management, we've onboarded over 500 projects in the last twelve months, and the pipeline for the year ahead is the strongest we've had. NEL's support means we can go after it."
Michael Williams, Investment Executive at NEL, said: "This was a complex transaction that required a collaborative approach from all parties involved. Working closely with Ryecroft Glenton, we were able to structure a solution that was equitable for both the new and exiting shareholders, while ensuring the business maintained sufficient headroom to support its future growth ambitions. We're delighted to have backed Alex and Ben as they take full ownership of Nutral Solutions and look forward to supporting the next phase of the company's development."
NEL worked alongside expert advisers from Ryecroft Glenton Corporate Finance, Hay and Kilner and UNW to provide seamless support throughout this management buy-out transaction.
NPIF II – NEL Debt Finance, can provide investments in the NPIF II area with a primary focus on the North East regions of Northumberland, Tyneside, Durham, Darlington, South Teesside, Stockton on Tees, Sunderland and Hartlepool.
Operated by British Business Bank, the £660m Northern Powerhouse Investment Fund II covers the entire North and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
NEL Fund Managers are also managing NPIF II – NEL Smaller Loans which offers investments from £25,000 to £100,000 to new and growing businesses.
For more information about NEL, please visit www.nel.co.uk or contact the investment team on 0345 369 7007.
Pictured from left to right: Michael Williams, Investment Executive at NEL Fund Managers, Ben Wardleworth, Chief Operating Officer of Nutral Solutions and Alex Gosney, Chief Executive Officer of Nutral Solutions.