Washington-based Mathewson Limited, a specialist in underfloor heating (UFH) and screed solutions, has successfully secured a six-figure investment from the North East Elevate Fund which is managed by FW Capital.
The investment in Mathewson is providing working capital to scale operations and acquire stock, plant and equipment. It comes via the Elevate Fund, which is part of the North East Mayor Kim McGuinness’ £100m regional investment framework administered by The North East Fund. Along with both the North East Accelerate and North East Spinout Inspire funds, it aims to strengthen access to early-stage finance for start up, scale up and growing companies in North East England, and tackle long-standing market failures that have hampered innovation-led growth in the region.
Mathewson Limited provides a turnkey solution for their clients from design through to installation of underfloor heating systems and screed for both commercial buildings as well as working with property developers on high-specification residential projects. The work they do is helping to address the increasing demand for high-performance, energy-efficient heating systems. Mathewson Limited also offers a niche service that can deliver underfloor heating for modular buildings, using prefabricated underfloor heating mats that can be incorporated into concrete floor slabs. Mathewson is led by an impressive management team bringing over 40 years of collective experience in the heating and construction industry.
Hannah Toward, Managing Director at Mathewson said: “By securing the funding to handle our working capital needs, we’ve built a business that is ready to perform at pace. Mathewson Limited was created in response to a fundamental shift in how buildings are designed and heated. As the industry moves towards low‑temperature, low‑energy systems aligned with heat pumps and modern construction methods, underfloor heating has become a critical part of the solution. Mathewson exists to deliver systems that are ready for the future. Our focus is on delivering high‑performance systems with the operational capability to support projects at scale — combining technical excellence with the operational capability to support large scale commercial and residential developments. This is shown in our work with Cameron Hall Developments at their luxury residential Stoney Wood Development at Wynyard Village.”
“Keith Charlton and the team at FW Capital couldn't have been more supportive, they were patient and ensured we got the funding quickly. That speed and understanding allowed us to move from the planning phase to being fully operational without losing any momentum."
Keith Charlton, Deputy Fund Manager at FW Capital added: “We’ve supported Mathewson's transition via the provision of working capital. It’s great to see them capitalising on our Elevate Fund to support the business and its future plans. We were immediately impressed by the established management team at Mathewson and their extensive sector knowledge, combined with a unique capability to serve the modular building sector. We are proud to support a business that is not only poised for growth but is actively contributing to the UK’s energy efficiency goals with the increased demand for underfloor heating.”
Jason Hobbs, Chief Executive at The North East Fund said: “Congratulations to Hannah and the team at Mathewson on securing investment from our Elevate Fund, which will help the company to grow further from its Washington base. Improving access to finance for smaller companies from across our region is a key aim of the new funds programme which was launched by Mayor Kim last year. Our team is always happy to have an informal initial chat about eligibility and suitability for investment and so any interested business owners or managers should get in touch.”
