Business Growth Fund Invests in 3Sun

March 3 (Bloomberg) -- Business Growth Fund Plc invested in 3Sun Group, a British company operating in the oil, gas and wind power industries, to help it expand in the U.K. and northern Europe.

Business Growth Fund, a company backed by banks including Barclays Plc, HSBC Holdings Plc and Lloyds Banking Group Plc, chaneled 10 million pounds ($16.7 million) into 3Sun, according to an e-mailed statement today. 3Sun supplies equipment to the offshore oil and gas industry and it also installs, inspects and maintains offshore wind turbines.

The money will help 3Sun, which is based in Great Yarmouth, invest in new headquarters as it expects to hire another 250 people by March 2017.

“The investment will also allow us to continue to innovate our high quality service delivery worldwide and bring a variety of new products and service solutions to the marketplace, along with new overseas locations,” Graham Hacon, managing director of 3Sun Group, said in the statement.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net