Northallerton manufacturer safeguards jobs with £500k funding for "stronger future"

A Yorkshire mechanical manufacturer has announced that it has secured £500k in funding to safeguard jobs and drive development.

Allerton Steel, based in Northallerton, specialises in structural and mechanical fabrication and has received the funding from NPIF - FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.

The company said that the funding has directly safeguarded 20 jobs, and will be used as part of development plans to return the business to growth following the pandemic.

It currently employs 97 people, and has worked on projects such as The Shard, the Olympic Village and Battersea Power Station.

Andy Castle, investment executive at FW Capital, commented: “Allerton Steel is a well-established company with an impressive portfolio of clients, including some of the world’s most famous buildings and sports venues.

“FW Capital is always looking to support our clients and help them grow so we are delighted to have been able to provide this funding to Allerton Steel to safeguard jobs and allow them to continue to achieve their long-term objectives.”

Giles Penn, Allerton Steel’s managing director, said: “This investment is direct assistance to safeguard our jobs and to return the business to growth following the significant disruption caused by the Covid-19 pandemic.

“FW Capital has been able to assist where traditional retail banking has not and their level of assistance and understanding could not have been greater at a time when we needed it most.

“I am extremely grateful to the work put in by our advisers and all those at FW Capital - with their support we have a stronger future.”