FW Capital has provided £17.5 million of investment funding to back Lancashire businesses, alongside an additional figure of £45 million co-investment attracted from private sector investors.
The £17.5 million funds have been invested directly from NPIF - FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund. It supports ambitious, high-growth businesses with finance for growth and new job creation.
To date, over 50 companies in Lancashire have received investment backing. Wholesale and retail trade are the most active sectors to date, receiving around a third of the funding, followed by manufacturing and construction.
Junior Bent, Portfolio Executive at FW Capital, said: “Through improved access to finance, investee businesses across Lancashire have been able to realise their growth plans, create jobs and achieve their full potential. This has all played a significant role in the success of the north west economy and we’re delighted to work with NPIF to deliver much needed finance to SMEs across the region and unlock barriers for growth.”
One Lancashire business which has received investment from NPIF-FW Capital Finance is manufacturer and supplier of roadside towing equipment, Trailerteq. Based in Preston, Trailerteq supplies its products to independent roadside recovery businesses as well as the RAC and their dealer network. The business has received two six figure rounds of funding in 2022 and 2023 to support its continued growth.
The first investment played a key role in helping Trailerteq to trade during COVID in its role as a key worker and continue to grow the business moving forward, increasing its workforce by 25%. The recent funding this year has helped with cashflow for the manufacturing of new trailers for customers including the RAC. The investment support has continued to help Trailerteq enhance their engineering expertise, positioning the firm at the forefront of the next generation of Rapid Deployment Recovery equipment.
Andy Eames, Managing Director at Trailerteq explains: “We’re committed to continued investment in our technology and continually improving our offering. We’ve developed robust systems which enhance our already proven Rapid Deployment Transporter (RDT) which is the preferred recovery equipment for operators worldwide.
“The financial support from FW Capital has been an important part of our growth story and the team has shown continued confidence and support in our business. Junior Bent’s support has been exemplary and the whole funding process has been straight forward. We’ve also recently taken on an apprentice and have expanded our team to include a diverse range of ages because we’re always looking for people to do the job, no matter their age.”
Debbie Francis OBE, Chair of the Lancashire Enterprise Partnership, said: “It’s great that the Northern Powerhouse Investment Fund and FW Capital are continuing to provide backing for businesses in both Lancashire and across of the north west, and the additional investment their support helps to leverage cannot be underestimated. This type of funding, especially within sectors such as retail, manufacturing, and construction, can really help Lancashire SMEs to grow their businesses, invest in new equipment and premises, and create new jobs, which in turn boosts the region’s economy as a whole.”
Debbie Sorby, Senior Manager at British Business Bank said: ““It is great to see the increasing number of companies in Lancashire securing investment. Lancashire is a great example of how the Northern Powerhouse Investment Fund supports businesses beyond the North’s major cities.
“FW Capital’s milestone in delivering £17.5m in NPIF funding in Lancashire, and attracting private co-investment is a formidable achievement - we’re looking forward to seeing future growth as the region strengthens its core industries and pave the way for further development and job creation.”
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.