Search British Business Bank
Popular Search placeholder

Hull-based locksmith J O’Neill & Co secures £60,000 NPIF II investment to expand services and create six new jobs

Press release 30 October 2024

A Humberside-based locksmith has secured £60,000 from NPIF II – BEF Smaller Loans, which is managed by Business Enterprise Fund (BEF) as part of the Northern Powerhouse Investment Fund II (NPIF II), and BEF’s CIEF2 fund backed by Lloyds Bank and Better Society Capital.

Two men standing on a paved path outdoors. One is in a white t-shirt and the other in a suit, with trees and a house in the background.

The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England 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 £60,000 funding will allow J O’Neill & Co, a long-standing family business in Hull, to expand its operations and continue its 80-year tradition of serving the local community.

Founded in 1945 by James O’Neill, the business provides 24/7 locksmith services, garage door installation services, property maintenance, and safe engineering across the East Riding of Yorkshire. Now led by Ben Hicks, grandson of one of the original team members, J O’Neill & Co will use the funding to meet increased demand and purchase new equipment that will improve profitability. The funding will also help create six new jobs and safeguard 30 existing positions, providing a much-needed boost to the local economy.

J O’Neill & Co is one of the first businesses in the Humber to benefit from a NPIF II Smaller Loan since the launch of the £660 million fund in March 2024.

This funding marks an important milestone for J O’Neill & Co as we continue to build on our 80-year legacy. It will allow us to invest in new equipment, meet growing demand, and create valuable job opportunities for the local community. We take great pride in our roots, and with this support from BEF and NPIF II, we’re well positioned to strengthen our service offering while driving sustainable growth for the future. Ben Hicks Managing Director at J O’Neill
We’re delighted to support J O’Neill & Co through the NPIF II and CIEF2 funds. As a longstanding, family-run business with deep ties to the local community, they exemplify the kind of enterprise we’re committed to helping grow and thrive. This funding will not only enable them to invest in new equipment and expand their operations but also contribute to the creation of new jobs, further supporting economic growth in the region. Duane Walker Investment Manager, BEF
The Northern Powerhouse Investment Fund II is committed to providing transformational investment which supports not just the business but also the local economy. Small businesses like J O’Neill & Co are the lifeblood of regional economies, so it is fantastic to see this round of investment unlock a range of opportunities including new jobs and equipment. Lizzy Upton Senior Manager, British Business Bank

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 of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.

Further Information

If you are a journalist and have a media enquiry, please contact [email protected].

Notes to editors

About the Northern Powerhouse Investment Fund II

Operated by the British Business Bank, NPIF II provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.

The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Greater Manchester, Lancashire, Cheshire & Warrington, Cumbria, Liverpool City Region, Leeds City Region, South Yorkshire Combined Mayoral Authority, York & North Yorkshire, Humber and East Yorkshire, Northumberland, County Durham, Tyne & Wear.

Supported by Nations and Regions Investments Limited, a subsidiary of British Business Bank plc, the Bank is a development bank wholly owned by HM Government. Neither Nations and Regions Investments Limited nor British Business Bank plc are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).

For investment by NRIL at the sub-fund level
The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.

For investment by NPIF II sub-fund at the investee company level
The investment from the Northern Powerhouse Investment Fund II into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom

Quick links

Latest news