Middlesbrough film company gets six-figure Northern Powerhouse funding
Middlesbrough film production company Ithica Films has secured six-figure backing from the Northern Powerhouse Investment Fund (NPIF).
The firm will use the investment to drive its growth plans, which will include creating a new in-house development role, upgrading equipment and expanding facilities at its Boho One premises.
Ithica, which also plans to grow its marketing presence, received the funding from NPIF – FW Capital Debt Finance, managed by FW Capital.
Founded in 2014, the company has since delivered creative film projects for public sector bodies and businesses in sectors including renewables, logistics, finance, chemical process and healthcare.
Ithica Films MD Matt McGough said: “With our creative focus on filmmaking, we’ve built up a strong level of trust with clients and a great body of work.
“We really needed some help to push on to the next level as we had been funding improvements ourselves and this was proving to be a very slow process for us.”
He continued: “Working with FW Capital was great thanks to their flexible and pragmatic approach. The team guided us through the process and were able to provide this investment which will help our business to continue to grow.”
FW Capital senior investment executive Keith Charlton commented: “Ithica Films has a strong track record of growth over the four years since its formation.
“The management team is creatively passionate, with clear ideas as to the strategy and direction the company should be taking.”
He added: “They have built up a strong pipeline of opportunities supporting future growth prospects. We are delighted to support them and wish them every success for the future.”
Tees Valley Mayor Ben Houchen said: “Matt and his team at Ithica Films have established a reputation that is second to none for their inspired and creative work.
“This investment is great news for them as a company, allowing them to grow and expand. It’s also good news for Middlesbrough as we establish the town as a centre of creativity.”
The Northern Powerhouse Investment Fund operates from the Sheffield HQ of the British Business Bank, providing a mix of debt and equity funding ranging from £25k to £2m.
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