Joanne Whitfield at FW Capital talks about the importance of supporting job creation and growth and FW Capital's role in boosting the North East economy.
“By nurturing local businesses and industries, we reinforce socio-economic resilience. This empowers both individuals and communities to realise their growth ambitions which is critical to the prosperity of the region. This is why at FW Capital we put local businesses at the centre of what we do.
We focus on building relationships which support a business throughout its journey. We don’t just provide finance but integrate ourselves as a trusted business partner. We are genuinely interested and passionate about helping local businesses throughout their journey.
One business that has benefited from this long-term growth relationship approach is Stockton-on-Tees-based mechanical, electrical and water management services provider JH Mechanical & Electrical. The business has recently received its fourth round of funding from FW Capital with a six-figure loan from NPIF II-FW Capital Debt Finance to support growth and the creation of new jobs.
JH Mechanical & Electrical provides a range of commercial installation, maintenance and repairs services for a wide range of clients including Newcastle and Teesside universities and local authorities such as North Yorkshire Council. It also services education establishments and trusts, such as the Northern Education Trust and Vision Academy Learning Trust. The company, which was established in 2013 by husband-and-wife team John and Heather Heward, has seen its workforce grow to 44.
The NPIF II funding will support a significant new contract win in the Yorkshire region, creating 10 new jobs. FW Capital provides debt finance options from £100,000 to £2million through NPIF II – FW Capital Debt Finance which is part of the Northern Powerhouse Investment Fund II, with a primary focus Cheshire, Cumbria, Greater Manchester, Lancashire and Merseyside.
This is the fourth round of finance that JH Mechanical & Electrical has received from FW Capital which is a long-term growth partner of the business.
Heather Heward, Finance Director at JH Mechanical & Electrical explained: “We’ve enjoyed fast growth which has led to a significant increase in our workforce over the years and we’re delighted to be adding a further 10 new roles to the team.
“This new funding has made a big difference, providing working capital to support a significant new contract that increases our presence in Yorkshire. This is a game changer and will see us double the size of the business. The support from Dave Hawkins and the team at FW Capital has been invaluable. The financial backing means we’re well equipped to fulfil new contracts with increased confidence and maintain our high quality of service.”
Dave Hawkins, FW Capital Portfolio Executive, said: “We’re proud to support Teesside businesses like JH Mechanical & Electrical with access to funding that is helping them to scale up. Heather and John are valued clients with an impressive business model. Their success over the years has been fantastic to watch and assisting expanding businesses like JH Mechanical & Electrical is what the NPIF II funding is all about. The business continues to demonstrate growth, and this latest new contract win is driving further job creation to the local area and expanding their services into Yorkshire.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The Northern Powerhouse Investment Fund II aims to build on the success of the initial fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England.
The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
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