Oldham-based construction specialists Marshall Errock has received a £250,000 NPIF loan backed by CBILS from NPIF - FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Set up in 1983 by managing director Paul Errock, the company provides sub-contracted bricklayers to development sites for main contractors including Balfour Beatty, Tolent, Morgan Sindall and Bowmer + Kirkland.
The company, which reached a £2.6m turnover last year, employs 16 permanent staff and regularly uses up to 60 sub-contracted workers on development projects across the UK.
Despite being a profitable business, private sector funding facilities were tightened as a reaction to the current pandemic leaving the company with reduced working capital availability.
Managing director Paul Errock said: “For Marshall Errock to quote for large contracts, in the current economic climate we need to ensure that working capital is sufficient to cover the cost. FW Capital were able to plug that gap for us by providing an NPIF loan backed by CBILS and this has meant we are continuing to trade strongly, despite the ongoing Covid crisis.
“The outlook for the company remains really strong. Our projected turnover for the next financial year is £3m, of which £2.4m has already been secured. Our company profits are continually invested back into the business to fund further development and growth.
“I was really impressed with NPIF and FW Capital - the investment process was a straightforward and pleasant experience. They were efficient and professional, and I would highly recommend working with them.”
FW Capital investment executive Loz O’Connor said: “Marshall Errock is a long-established profitable company, well respected in the sector and has a really strong outlook.
“This was a great opportunity for NPIF & FW Capital to help a business during difficult trading conditions and we are really pleased that our loan support has enabled the management team to quote for new contracts with renewed confidence.”
Sue Barnard at British Business Bank, said: “This investment into Marshall Errock exemplifies the work that NPIF set out to do since its launch in 2017. By supporting businesses with the funds to grow, secure major contracts and create employment opportunities, we are creating a more sustainable and prosperous regional economy for the future. As the region now looks towards a recovery from impact of the pandemic, ensuring vital investment is available to regional organisations is more important than ever.”