FW Capital is celebrating a key milestone after investing over £275m of funding to businesses across the North of England.
12,000 jobs have been created and safeguarded because of this funding with a total impact of over £600m. This has significantly boosted the economy and local communities, backing over 730 businesses with their growth plans since the launch of the Funds in 2010.
Loans over £275m were made directly by FW Capital which attracted co-investment of approaching £350m from the private sector. This investment has helped a wide variety of sectors, ranging from manufacturing and construction to technology.
Joanne Whitfield, Fund Director at FW Capital, said: “Reaching £275m of funding is a fantastic milestone and demonstrates our commitment to helping local businesses reach their potential. The jobs created because of this investment are supporting local communities and are having a significant impact on the local economy. We’re seeing great opportunities across the North East, with a hub of activity across the energy, manufacturing and property development sectors. We’re proud to work with innovative businesses and stimulate growth using NPIF-FW Capital Debt Finance, the North East Commercial Property Investment Fund and the North East Property Fund. Each fund delivers a valuable boost to the future of our economy, and I’d encourage businesses to talk to us about how we can help them.”
Gary Guest, Fund Director at FW Capital, said: “We are so proud of how our investment is helping businesses to grow. We’re here to help businesses that show real potential, providing valuable support and funding. External investment can help to strengthen a business and in the North West our funding continues to play an important role in helping ambitious businesses to expand. Our milestone investment has fuelled significant business growth and the jobs created is supporting local communities and having a positive impact on the local economy. I’d encourage businesses to talk to us about how we can help them.”
One example of a local business that has enjoyed significant growth after receiving investment from FW Capital is North East energy and water services firm Cenergist. Today the business forms part of AIM listed Eneraqua Technologies PLC.
Cenergist works across the UK, Europe, and India to help public sector and private clients in their drive to net zero by delivering specialist energy and water efficiency solutions, which also benefits customers financially by reducing bills. The business was backed by FW Capital between 2015 and 2020, receiving a total of £1.85million of investment from FW Capital. This includes its first round of funding from the North East Growth Plus Fund and a further three loans totalling £1.5million investment from NPIF - FW Capital Debt Finance.
The funding has helped Cenergist in its growth strategy from a turnover of £1.27 million to £55m in FY23, creating new jobs with the team growing from 10 to 168 people worldwide.
Cenergist operates from offices in Washington, Tyne and Wear, London, and Leeds, with additional offices in the Netherlands, Spain and India focussed on delivery to local markets.
Iain Richardson, Cenergist Chief Financial Officer said: “We’ve enjoyed a fantastic partnership with FW Capital which helped the Company in the key early development stage to expand the business significantly. Their backing was a key driver in our success and helped us to create new jobs and become the international business that we are today.”
Another business that has benefitted from FW Capital funding is Manchester-based 24-7 Group.
The investment has played a key role in the group’s success, supporting various stages of its development. The business has achieved 34m turnover, growing 2150% since 2012. It has also increased its workforce from 7 in 2012 to 85 in 2023.
24-7 Holdings Limited is an independent group delivering electrical, mechanical and facilities management services. It is committed to delivering high quality design, installation, commissioning, and maintenance services.
Within the retail, Logistics & Distribution facilities & Manufacturing sectors, their clients include global businesses such Tesco, Amazon and Siemens. The firm received its first loan in 2012 from FW Capital via the Northern Powerhouse Fund and a further three loans which sparked continued growth.
Looking to the future 24-7 is focused on expanding its business further and broadening its offering which now also includes mechanical, security and wrap round maintenance contracts.
Andrew Hawes, Managing Director, said: “We’ve enjoyed a long standing relationship with FW Capital who has been a key supporter of our business over the last 11 years. Their continued investment has helped us to expand and secure new contracts with confidence, becoming the thriving business we are today. FW Capital’s backing and understanding of our business strategy has played a big part in our continued success.”
FW Capital has four funds under management and a further two delivered funds. This includes the Tees Valley Catalyst Fund, the North East Property Fund, the North East Commercial Property Investment Fund and NPIF - FW Capital Debt Finance. The completed funds are the North East Growth Plus Fund and North West Funds for Loans Plus.
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.