Tees Valley engineering firm secures six-figure funding for new jobs and premises
A specialist hydraulic engineering firm has secured a total of £800k in funding from FW Capital.
Industrial and Marine Hydraulics Ltd (IMH) has received a £300k loan from the Tees Valley Catalyst Fund and £500k investment from the Northern Powerhouse Investment Fund (NPIF).
Founded in 1983, IMH is a family-run business established by hydraulic engineer Paul Griffiths, whose son James is now managing director.
The Middlesbrough-based firm will use the funding to fulfil its bond requirement on £2m contract working for the Boston Flood Defence System for BAM Nuttall and the Environment Agency, as well as relocation to new premises and the creation of 10 new jobs.
James Griffiths, IMH managing director, commented: “We are delighted to have secured this investment from FW Capital, which enabled us to secure a major contract and employ more specialist hydraulic engineers as a result.
“The project will further cement our presence in the infrastructure sector and contribute to our ongoing business growth. We are very grateful to FW Capital for their help and support.”
Tees Valley Mayor Ben Houchen added: “Thanks to our £20m commitment into the Northern Powerhouse Investment Fund, I’m over the moon to see yet another Tees Valley business going from strength to strength.”
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