NPIF II funding drives fast growth for Middlesbrough engineering firm

Middlesbrough-based business MITS Inspection is focused on accelerating its growth after receiving a £300K funding boost.

The investment, from NPIF II – FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II (NPIF II), is helping MITS Inspection to broaden its range of services and meet new contract wins. 

MITS Inspection is part of the MITS Group which was founded by Director Jonathan Morgan in 2019. Today the business employs 11 staff with additional support from sub contractors. The MITS Group recently located to a 20,000 sq ft premises which integrates all areas of the business; MITS Inspection, MITS Rope Access and MITS Engineering. The new site also contains two purpose-built industrial radiography enclosure bays that provide customers with X-Ray and/or Gamma Ray tests on steel and pipework to detect any defects. 

MITS Group started out as an inspection and testing services company and has since expanded to offer a comprehensive range of engineering testing services including Non Destructive Testing (NDT) and advanced NDT welding inspection and Rope Access. The teams at MITS Inspection are experts in the field of Non-Destructive Testing of welds and work with a wide range of clients to ensure their assets meet the industry’s highest standards and compliance. 

Jonathan Morgan, Director at MITS Inspection said: “The funding is helping our cash flow needs, which is allowing us to take on new contracts and identify new opportunities with increased confidence. We currently work across the UK and are aiming to expand into global markets having recently taken on some significant high profile new contracts. The funding is also giving us the freedom to look at adding a senior manager to our team. 

“We’ve been pleased to work with FW Capital. Their support feels like a big pat of the back that we’re doing the right thing as a business and gives us the confidence to expand. It’s massively assisted us.”

Keith Charlton, Deputy Fund Manager at FW Capital said: “This is a great opportunity to support an ambitious, growing business in the region. We’ve been impressed by how the MITS Group has widened its services and through the creation of the new radiography enclosure, they are expanding the capabilities of the MITS Inspection team and winning further new business in the UK. It’s also great to hear about their aspirations to work with new global markets and I look forward to hearing about their further successes.”

NPIF II - FW Capital Debt Finance can provide loans in the NPIF II area with a primary focus on the North West regions of Cheshire, Cumbria, Greater Manchester, Lancashire and Merseyside.

The £660m Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.

The Northern Powerhouse Investment Fund II aims to build on the success of the initial fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. 

The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.