Finding the right funding partner for your business can be a challenging and time-consuming process. It's important to choose someone who shares your vision, understands your market and is willing to support your growth.
Joanne Whitfield, Fund Director at FW Capital talks about how the right finance provider will support you in more ways than just financially. We also introduce Christine Stobbs from Wilton Engineering who highlights how their relationship with FW Capital has enabled their business to meet unexpected challenges and make the most of opportunities.
Joanne explains: “Building a relationship with a funding partner who knows your business inside out takes time but this pays off as it ensures you receive support throughout your journey, no matter what the future throws at you.
“Our team work closely with businesses throughout the application process, getting to know the business and ensuring the investment is a right fit, it’s not one size fits all. We think it’s important to meet every customer and their team. It’s not just about us assessing the business, it’s also important for the customer to assess us. Are we the kind of people they want to work with for the duration of the investment? Will we support them if things don’t go to plan? Will we be able to add value? Our dedicated relationship managers are available every step of the way and take an active interest in each business throughout the investment process.
One business that has benefited from this relationship approach is Teesside-based Wilton Engineering.
Over the past ten years, we have supported Wilton Engineering with £5 million of investment. £3.5 million of this funding was loans to support performance and warranty bonds, helping them win over £50 million of contracts. Further loans totalling £1.5 million safeguarded jobs and supported the acquisition of the neighbouring Haverton Hill site, almost doubling the size of Wilton’s original site from 59 acres to 112 acres.
The business has evolved from predominantly working in the offshore and oil and gas sectors to diversifying into renewables and their current focus of defence. Their long term, high value defence contracts have secured their position as one of Teesside’s most prominent businesses. It’s great to have been alongside them on this journey and they know that we are only ever a phone call away! Our bespoke approach to finance has been key in Wilton Engineering’s ability to flex and pivot as market demands have evolved.”
Wilton Engineering’s Finance Director Christine Stobbs explains: “We are a massive supporter of FW Capital because the team there really take the time to understand our business. We’ve enjoyed a long-standing partnership and their belief in our vision has been key.
“FW Capital first supported us when we exited from private equity, sharing our passion to focus back on Teesside. Shortly after this the oil and gas market was significantly impacted by market conditions emulating into an interesting couple of years of repositioning and repurposing the business initially into offshore wind. In tough times cash management and having the right finance partner was going to be an important part of future success. Growth and diversification into new sectors became a reality and FW Capital were there to support us, responding quickly to our requests.
Capacity challenges on the back of our success led to opportunities to expand and new extensive premises were purchased – speed and flexibility was the essence needed to secure the premises as things raced right down to the wire! Today Wilton has increased employee numbers to 256 and continues to develop the local workforce through our apprenticeship program with over 50 apprentices trained and a further 15 joining in the new intake.”
Joanne Whitfield continues: “Providing finance is just the start of our journey with businesses as shown with Wilton Engineering. Their vision and ability to adapt to market conditions is the difference. We’re keen to support more businesses and our team are currently promoting our new fund – The Teesside Flexible Investment Fund. This follows on from the success of the Tees Valley Catalyst Fund which provided bond finance, facilitating contracts of £107 million across Tees Valley.
“Launched in partnership with the Teesside Pension Fund, the Teesside Flexible Investment Fund provides investment ranging from £100,000 to £3 million and supports economic development in Hartlepool, Middlesbrough, Stockton-OnTees and Redcar & Cleveland through a mix of property development funding, contract-related bond finance and finance to support management teams in buying a business.”
If you’re a business in the North East looking for finance, get in touch to find out more about how we can help. Call 0191 269 6969 or email info@fwcapital.co.uk You’ll also find additional details on website www.fwcapital.co.uk
