Hull based Stubbs Construction Ltd has announced plans to expand and create new jobs with support from NPIF - FW Capital Debt Finance, which is managed by FW Capital part of the Northern Powerhouse Investment Fund.
Stubbs construction is a family-run business established over 40 years ago and employs a team of over 40 staff.
The business started off as a small building contractor carrying out domestic works across Hull. Since that time, the business has continued to expand and enter into new sectors, delivering schemes in excess of £5/6m, reinforcing its position in the industry.
The company has completed care and residential schemes nationally and is building on relationships to ensure the pipeline of work remains strong.
The NPIF & FW Capital funding will be used to allow Stubbs Construction to continue with its growth plans and provides the investment required to create five new positions.
The investment was facilitated by FW Capital Investment Executive Andy Castle, following an introduction by Phil Marshall, Senior Relationship Manager at Natwest Bank.
Andy Castle, Investment Executive, at FW Capital, said: “Stubbs Construction is a successful family-run business that has grown from carrying out smaller build projects to being an accepted contractor on substantial construction projects, which in turn has allowed for considerable sales income growth.
“FW Capital is committed to supporting our clients in a long-term partnership to help them meet their growth ambitions. We are pleased to have been able to provide this funding to Stubbs Construction to enable the company to achieve its goals.”
Mark Stubbs, Stubbs Construction Managing Director, said: “The support from FW Capital has allowed us to continue with our strategic expansion programme and create some exciting new roles in our organisation. The team at FW Capital really understood our plans for the future of the business and were able to quickly provide the support we needed.”
Phil Marshall, Senior Relationship Manager at Natwest Bank, said: ““It’s an exciting time for Stubbs Construction as they embark on their expansion plans and create new jobs for local people. We wish them every success on their future projects.”
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
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.