Teesside information management company set for expansion with six-figure investment

Teesside-based engineering information management firm Phusion has secured a six-figure investment from NPIF - FW Capital Debt Finance, part of the NPIF (Northern Powerhouse Investment Fund) and managed by FW Capital.

Phusion, which serves a global client list from its offices in the UK and internationally, was founded in 1992 to provide information management to asset intensive industries.

The Billingham-based company has managed information for some of the largest engineering projects, and has won accolades including a Queen’s Award for Enterprise.

Phusion will invest the funding into product and business development, as well as using it to deliver bigger projects. The expansion and new product launches are expected to grow team numbers by 25 per cent over the next 12 months.

Alex Hayward, Phusion’s managing director, said: “This investment supports our diversification strategy, which will see Phusion take new solutions to market and comes at a time when our business is continuing to grow, both in the UK and internationally.

“Working with FW Capital has been an incredibly positive experience and as well as their support during the investment process, we have benefited from a wealth of experience and advice. The FW Capital team feel like a welcome addition to our own.”

Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25k 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.