North East healthcare facilities firm receives £2m from Tees Valley Catalyst Fund

A specialist Cramlington-based healthcare facilities firm has secured major investment from FW Capital.

The firm received £2m from the Tees Valley Catalyst Fund (TVCF) to enable it to fulfil a new £66m contract. The investment is the largest amount available from the TVCF.

Merit Health, the specialist healthcare division of offsite construction specialist, Merit Holdings, was launched in October 2020 with a focus on delivering healthcare facilities quicker and more sustainably.

Merit Health, the specialist healthcare division of offsite construction specialist, Merit Holdings, was launched in October 2020 with a focus on delivering healthcare facilities quicker and more sustainably.

The company’s unique offsite manufacturing technology significantly reduces long-established building construction timelines, without compromising quality.

The North East-based company has already completed a number of projects within the health and life sciences sector, including expansion of the Cell and Gene Therapy Catapult manufacturing centre in Stevenage, and a new sterile services facility for Northumbria Healthcare NHS Foundation Trust.

FW Capital made the TVCF investment to allow Merit to fulfil its bond requirements for a contract to design, build and fit out a CAR-T Cell Manufacturing facility, also sited in Stevenage, this time for US organisation, Autolus, in association with developers, Reef Group.

The funding represents the second time FW Capital has supported Merit Holdings, following on from a previous TVCF investment in 2015. All in all, the funding has helped secure nearly 200 jobs at the business.

Allison Routledge, investment executive at FW Capital, said: “We are delighted to develop our long-term partnership with Merit Health by providing this investment.

“Merit is a successful and ambitious company that has a strong ESG strategy, delivering low carbon solutions to its clients and this fits with FW Capital’s own strong environmental ethos. This significant investment has not only helped to secure a new contract to advance medical science but will also safeguard 70 jobs for the local area.”