The funding will be supported by £2.23m loan from owners Portsmouth City Council, providing investment for major projects.
Portico operates a freeports customs site enhancing international trade. The funding 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 Plans also include removal of an outdated refrigeration system to support modern electrically powered containers, reducing energy demand to help reach carbon neutral operations by 2030.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 new jobs.
“We’re focussed on providing greener logistics as the industry expects from modern cargo handling, so our project includes investment in this area to replace outdated facilities.
“Work will be completed by March 2026 and starts immediately.”
Cllr Steve Pitt, Leader of Portsmouth City Council, said: “Portico is at the heart of the city’s and nation’s import and export trade, is a vital part of the freeport, and plays an important role in Portsmouth’s economic growth.”
Brian Johnson, Chair of Solent Freeport, said: “Our role is 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, will not only help futureproof operations in Portsmouth but also build job prospects.