Liverpool-based building contractor Carroll Group is enjoying double digit turnover growth after securing new contract wins that are bringing forward a number of new build social housing construction projects across the North West.
A six-figure loan to assist this growth has been provided by NPIF II – FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II (NPIF II). The funding is supporting Carroll Group’s journey to scale up the business and meet increased demand along with the creation of 10 new roles over the next 12 months.
A family-run business with over 20 years of experience in the construction industry, Carroll Group was established by Terry Carroll and provides a reliable service of quality labour and project management across the North West. Working with local housing associations, the firm provides a highly skilled and experienced workforce that focuses on new build and refurbishment projects. Carroll Group currently employs 50 direct staff and employs around 500 indirect sub-contractors through its supply chain.
Terry Carroll, Managing Director at Carroll Group said: “We’ve been on a growth journey for the last three years which has seen our turnover increase steadily, with double digit growth over the last year. We’re expanding our services across the North West, looking at new work streams to add to our current projects. These include a series of new builds with a focus on social and affordable housing where the demand is high in our region. I’m proud of what we’ve achieved, and this is real family business, working alongside my wife, son, sister-in-law and cousins.
“The investment from FW Capital gives us increased confidence to grow thanks to a significant working capital injection. We’ve got a very healthy pipeline of business coming through which is boosted by this funding. Working with Caroline Turley at FW Capital has been very good. I wasn’t aware of the funding from NPIF II but was introduced to FW Capital by a friend. I can’t recommend Caroline enough, she’s been very supportive, bringing a fresh approach and cutting through the jargon.”
Caroline Turley, Investment Executive at FW Capital added: “Terry comes from a strong construction background. When he set up Carroll Group in 2022, he was able to draw on his extensive experience and has created a successful family business. This is a difficult sector but Terry and the team at Carroll Group are recording impressive growth and aspire to be one of the UK’s top providers of new build construction services. This is a fast-expanding business which is focused on social housing in the North West that is led by a strong team with a proven track record.”
Sue Barnard, Senior Investment Manager at the British Business Bank, said: “With housing high on everyone’s agenda, it’s great to see NPIF II backing ambitious businesses that are driving real progress in this space. This kind of support is enabling regional growth, job creation, and long-term impact across the North West, and is a strong example of how targeted investment can help tackle some of the UK’s most pressing challenges.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) 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 purpose of the Northern Powerhouse Investment Fund II is to drive 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.
