Middlesbrough engineering firm secures £250k to safeguard jobs

A North East engineering firm has announced that it has secured a £250k loan to safeguard jobs after projects were delayed by the pandemic.

Industrial and Marine Hydraulics Ltd (IMH), based in Middlesbrough, has received the loan from NPIF - FW Capital Debt Finance, backed by CBILS and part of the Northern Powerhouse Investment Fund.

The funding will provide working capital to support the company through potential delays to projects caused by the pandemic, whilst also safeguarding jobs in the business.

Dave Hawkins, portfolio executive at FW Capital, commented: “We have worked closely with IMH since November 2018.

“The business continues to deliver good results and growth and as long-term partners, we are delighted to see IMH go from strength-to-strength.

“FW Capital is determined to do everything we can to help our investors during this unprecedented time.

“This NPIF funding will provide IMH with the support it needs to continue to expand and excel as a global industry leader.”

James Griffiths, managing director at IMH, said: “FW Capital has been a valued supporter of IMH for several years and really goes the extra mile to understand our business.

“We are impressed with how quickly the team was able to get the funds to us. We are once again very grateful to FW Capital and the Northern Powerhouse Investment Fund for their support.”

Sean Hutchinson at British Business Bank added: “This investment demonstrates how funding can make a real and measurable difference to businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy.

“It is critical that we continue to support businesses like IMF, bridging the gap created by the pandemic disruption.”

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