Portsmouth cargo terminal Portico secures £4.8m freeport funding

Portico Shipping, the Portsmouth based international cargo operator, has secured £4.8m from the Solent Freeport’s seed capital fund which will grow operations, provide environmental improvements and create job opportunities.

The seed funding will be supported by a £2.23m loan from owners Portsmouth City Council providing a total of £7.03m capital investment for major projects.

Portico is the operator of a freeports customs site and has a role to play enhancing international trade. The seed capital funding and council borrowing will allow the company to create more quayside space by demolishing a warehouse,  increasing cargo handling and the ability to attract new business. Plans also include removal of an outdated refrigeration system to support modern electrically powered containers, reducing energy demand to help reach carbon neutral operations by 2030.

Refurbishing an existing warehouse and increasing the space available for cargo on the quayside will create more than 18 new positions to support warehouse operations and logistics supervision and could attract an additional weekly shipping service.

Steve Williams, Portico managing director said: “We’re delighted with our successful bid for Solent Freeport seed funding, which will help the region’s plan to grow global trade and investment.  The funding will significantly develop the site, with a view to attracting more business and generating 18 new jobs, supporting the freeport’s aims to provide quality jobs for local people.

“We’re also focussed on providing greener logistics as the industry expects modern cargo handling, so our project includes investment in this priority area to replace outdated facilities. 

“Work will be completed by March 2026 and starts straight away.”

Cllr Steve Pitt, Leader of Portsmouth City Council, said: “Portico is at the heart of the city’s and the nation’s import and export trade, is a vital part of the freeport, and can play an important role in Portsmouth’s economic growth.

“Not only will this development create local jobs, it will also pave the way for future inward investment.”

Brian Johnson, Chair of Solent Freeport, said: “Our role is very much to facilitate developments which enable our key partner organisations to deliver long-term economic prosperity to the wider Solent region.

“The granting of national seed capital funding is an excellent method of kick-starting plans – and in the case of Portico Shipping, it will not only help futureproof operations in Portsmouth but also build job prospects.

“Rest assured, that any applications for this funding are robustly investigated to ensure that all criteria is met and public money is well spent towards our aim of attracting inward investment into the area.”

Portico remains the UK market leader for banana imports and has a growing cargo portfolio, which includes containerisation, aggregates, agribulks, project cargo and general ad hoc cargo. More recently it has expanded its specialist services, with the launch of Portico Logistics, a customs agency, freight forwarding, transport and warehousing division and also Portico Port Services, which provides first-class staff to the cruise, ferry, cargo and ports industries.