Funding boost to fuel MITS Group’s growth

A Middlesbrough-based engineering firm is accelerating expansion with new investment.

MITS Inspection, part of the MITS Group, has received a £300,000 boost from NPIF II – FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II (NPIF II).

Founded in 2019 by managing director Jonathan Morgan, MITS Group now employs 11 staff alongside subcontractors and operates from a 20,000sq ft facility that houses MITS Inspection, MITS Rope Access and MITS Engineering.

The site includes two industrial radiography enclosures for x-ray and gamma ray testing on steel and pipework to detect defects.

Bosses say the funding will help the business expand its engineering testing capabilities and support growth across the North East and beyond, cementing its reputation as a trusted provider of specialist inspection services.

Jonathan said: “The funding is helping our cash flow needs, which is allowing us to take on new contracts and identify new opportunities with increased confidence. 

“We currently work across the UK and are aiming to expand into global markets having recently taken on some significant high-profile new contracts. 

“The funding is also giving us the freedom to look at adding a senior manager to our team.”

Jonathan added: “We’ve been pleased to work with FW Capital. 

“Their support feels like a big pat on the back that we’re doing the right thing as a business and gives us the confidence to expand. 

“It’s massively assisted us.”

Keith Charlton, deputy fund manager at FW Capital, added: “This is a great opportunity to support an ambitious, growing business in the region. 

“We’ve been impressed by how the MITS Group has widened its services and through the creation of the new radiography enclosure, they are expanding the capabilities of the MITS Inspection team and winning further new business in the UK. 

“It’s also great to hear about their aspirations to work with new global markets and I look forward to hearing about their further successes.”

The £660 million NPIF II fund, which is operated by the British Business Bank, provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses, driving innovation and creating opportunities for businesses to grow, scale and thrive.

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