Grimsby based specialist engineering company Fowler & Holden Ltd (F&H) has secured a major £250,000 investment from NPIF - FW Capital Debt Finance, part of the Northern Powerhouse Investment Fund (NPIF) and managed by FW Capital.
Established over a century ago in 1919, F&H operates a foundry, machine shops and a fabrication facility across its 20,000 square feet site, turning over £3m annually. Thanks to the investment, the business has been able to secure 25 jobs and plans to create a further 12 positions across the next two years.
With its core business being manufacturing and machine castings for large national civil engineering customers, it boasts a local and specialist client-base. F&H also undertakes machining and fabrication, with a focus on large and heavy gauge machining and fabrication.
The deal was facilitated by FW Capital Investment Executive Andy Castle, following an introduction by Mike Asquith, of Trusted Business Partner Ltd, advisor to F&H.
Andy Castle, Investment Executive, at FW Capital, said: “F&H is a well-established business in the manufacturing sector that is successfully expanding and creating new employment opportunities. We are pleased to have been able to provide this funding to safeguard and create jobs for the local economy and to allow F&H to continue their ambitious growth plans.”
Tim Brooksbank, F&H Director, said: “This investment has helped us to safeguard the jobs of 25 people and create 12 new roles in the manufacturing industry. FW Capital were very helpful and we greatly appreciate their support.”
Mike Asquith, of Trusted Business Partner Ltd, said: “F&H is a long-established and well-respected company and I am delighted they have been able to secure the funding needed to expand and create new jobs. I am always confident in recommending the services of FW Capital to my clients. As a funding partner, FW Capital is consistently willing to go the extra mile to support the businesses it works with.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.