MM Engineering has seen a 50 per cent increase in turnover following a £450,000 investment from the British Business Bank and FW Capital, via the Investment Fund for Wales.
In addition to providing working capital, the loan has allowed MM Engineering to install new manufacturing equipment at its plant on Rutherglen Centre, speeding the production of larger units. It also allowed MM Engineering to upgrade its accountancy and business planning software to build efficiencies and improve insights.
Founded in Port Talbot in 2016, MM Engineering manufactures safety and security features, including flood defences and blast doors. It exports products internationally, supplying to the infrastructure, defence and petrochemical storage sectors.
MM Engineering has previously been supported by the Development Bank of Wales with loans in 2016 and 2021.
Chris McDermid, Director at MM Engineering, said: “We’ve recently won some overseas contracts and meeting them has required investment in our facilities. This investment has allowed us to improve processes and production to deliver those contracts, while seeing a 50 per cent increase in our turnover.”
“The support from the Investment Fund for Wales is allowing us to capitalise on growth opportunities at our own pace and in line with our business objectives.”
Lewis Hicks, Portfolio Executive at FW Capital, said: “Having the long-term relationship with MM Engineering has allowed us to look at their routes to growth and support them with targeted growth investment ever since their inception in 2016. The pace at which they’re growing is fantastic and we’re glad to now be able to support them even further via the Investment Fund for Wales.”
Bethan Bannister, Senior Investment Manager, Nations and Regions Investment Funds at the British Business Bank, said:
“The Investment Fund for Wales was developed to help with meeting the requirements of ambitious businesses like MM Engineering, which has reached the next stage of its growth plans. Investing in updated equipment and advanced software is key to the business’ growth goals.”
“It is now two years since the launch of the Investment Fund for Wales and during this time we have supported a wide range of businesses, operating in sectors and communities across the length and breadth of Wales. It is our hope that this funding allows MM Engineering to continue on their impressive growth trajectory.”
The British Business Bank backed Investment Fund for Wales launched in 2023 and operates across the whole of Wales. The fund includes a range of finance options with loans from £25,000 to £2 million and equity investments up to £5 million to help small and medium-sized businesses start up, scale up or stay ahead. FW Capital is responsible for larger loans of £100,000 to £2 million.
The Investment Fund for Wales helps increase the supply and diversity of early-stage finance by providing options to smaller businesses that might otherwise not receive investment. Funding is designed to help businesses with activities including expansion, product or service innovation, new processes, skills development, and capital equipment.
