SMEs across the North boosted by £100m investment

The Northern economy has been boosted by over £100m according to figures released for investments made by FW Capital in the financial year ended 31st March 2022.

Joanne Whitfield, North East fund director at FW Capital, said, “£100m of investment funding to the region’s businesses is testament to the thriving and passionate business owners we have in the North. Our aim is to support business growth and encourage job creation. “

Loans totalling £35.5m were made directly by FW Capital which attracted co-investment of £69m from the private sector, underlining FW Capital’s long-term economic impact in the region. The investments have helped local businesses across the North to create and safeguard 1677 jobs - a 79 per cent increase from last year’s figures of 935.

This growth has been delivered through the three funds FW Capital has under management. The NPIF - FW Capital Debt Finance has funded £88m with a focus on Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, and the Tees Valley.

The North East Property Fund has invested £12m and a further £8m was invested through the Tees Valley Catalyst Fund (TVCF), which is managed on behalf of Tees Valley Business, the local growth hub for the Tees Valley and part of the Tees Valley Combined Authority. This fund helps businesses bid for new contracts by providing short-term loans.

Middlesbrough-based Wilton Engineering Services Ltd (Wilton) is one Teesside success story that has benefited from funding from FW Capital. Wilton has been a portfolio company of FW Capital since 2014, having received a total of £3m from the Tees Valley Catalyst Fund (TVCF) to support project bonding, helping them win over £50m of contracts.

Last year Wilton secured a £750,000 CBILS loan from NPIF - FW Capital Debt Finance. to provide the business with working capital during the Covid-19 pandemic. This allowed Wilton to create 20 new jobs and safeguard a further 117 roles.

The business has continued to grow throughout the pandemic From March 2021 to March 2022 Wilton has created a total of 73 new jobs thanks to this financial backing.

Christine Stobbs, finance director at Wilton, said, “we are a massive supporter of FW Capital because its team really take the time to understand our business. This in-depth knowledge means they can respond quickly to funding requests and ensure transactions are completed smoothly, which has been really important to us.

“We have enjoyed a long-standing partnership with the FW Capital team and received significant funding from the TVCF over the last few years, which has made a big difference to our growth and success. We are very grateful to FW Capital for its continued support and enjoy working with the team.”

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