05/07/2016

Training boost for Pacifica after co-investment from FW Capital and HSBC

Pacifica’s domestic repair engineering training school is welcoming its new cohort this week. Eight new trainees are hoping to join 35 academy alumni who are now employed by the firm. The training academy has been made possible thanks to a co-investment by HSBC and FW Capital through the North East Growth Plus Fund.

“Thanks to the financial injection offered by FW Capital and HSBC we’re now the largest, and only, independent company training appliance repair engineers in the UK,” explained Kevin Brown Pacifica’s Managing Director. “We’re passionate about making sure that our trainees have every opportunity to succeed. I’m proud to say that all 35 trainees who have successfully passed through our academy are now employed by Pacifica.”

Recent graduate Lorna Newton, who is Pacifica’s hundredth engineer, added "I was excited that I'd passed the course and was really looking forward to the next stage of being out in the field and when I heard this news I felt overwhelmed and couldn't believe I was the hundredth engineer.

“The training offered by Pacifica is fantastic and I’m really happy that I was offered a job after completing the academy.”

The company, which operates across the UK but has its headquarters in County Durham, now, employs over 340 staff and 150 engineers, of which more than 100 are domestic repair engineers. In the last 12 months Pacifica engineers have completed more than 200,000 repairs across the UK.
Following the investment in 2013 the company has grown substantially. It now has an annual turnover in excess of £25m.

“We’re incredibly thankful to Ian from HSBC and Joanne from FW Capital for putting their faith in our company. Their support has been invaluable and has allowed us to offer a skills injection to the regional and national economy,” added Brown.

FW Capital Fund Manager Joanne Whitfield said, “Pacifica has grown considerably since we offered mezzanine funding alongside HSBC in 2013. They have now repaid that £500,000 loan. We’re happy to see the training academy doing well and bringing skilled and highly skilled jobs to the area. Kevin and his team have a sound business strategy and we’re pleased that their commitment and hard work is being repaid with success and substantial business growth.”

"Following on from HSBC's £1.16 million funding package, we are delighted to hear of the success of the project, highlighted by the successful employment of all trainees who graduate from the academy,” added HSBC Corporate Relationship Director Ian Cameron. “This support is part of a growing commitment from HSBC to North East businesses, including the launch of our £300 million lending fund for Tyne Tees and Cumbria SMEs.”

 

North East Growth Plus Fund