“We are delighted to have secured this investment from FW Capital, which enabled us to secure a major contract and employ more specialist hydraulic engineers as a result.”
Founded in 1983, IMH is a family-run business established by hydraulic engineer Paul Griffiths, whose son James is now Managing Director.
The company has steadily expanded into a global industry leader with 40 employees and has completed major projects worldwide.
The Middlesbrough-based firm received £300,000 from the Tees Valley Catalyst Fund and £500,000 from the Northern Powerhouse Investment Fund (NPIF) which enabled them to secure a major contract and employ more specialist hydraulic engineers.
The £300,000 short-term loan enabled IMH to fulfil its bond requirement on a £2 million contract working for the Boston Flood Defence System for BAM Nuttall and the Environment Agency.
The advance payment guarantee and performance bond means the company can enter into the contract and retain their working capital.
The £500,000 NPIF FW Capital Debt Finance investment will support business growth and help to create 10 new jobs as they relocate from Middlesbrough to new premises in Tees Valley.