Wilton Engineering

The purchase of a Teesside industrial site which could create up to 200 new jobs has moved a step closer, advisers to a funding deal have confirmed.

Endure Fund, advised by experts from Bevan Brittan, says the agreement of a £4m bridging loan will enable Wilton Universal Group to find longer-term funding to secure its acquisition of the 58-acre site on Haverton Hill.

The deal will also enable Wilton, which already occupies land next to the acquisition site, to expand and grow its business in sectors such as renewable energy, including offshore wind, tidal, hydrogen and other green energy projects as well as the defence industry.

It also secures the future for other businesses based at the former shipyard, which switched to industrial use in 1979 and includes large workshops, a blast and paint facility, slipways and a wet dock.

Gary Macnair from Endure Fund said: “We are pleased to be able to back a strong business with well-developed expansion plans along with securing jobs for the local community through this bridging facility which will now enable Wilton to go on and secure long-term financial backing.”

Lyndon Campbell, Partner and commercial property law expert at Bevan Brittan in Leeds who advised Endure, said: “This is an important deal for Wilton and for the local business community. It will enable Wilton to grow its presence in the renewable energy sector, which is an area in which we are being asked for more and more advice as we meet the net zero challenges, we all face.”

Bill Scott, Chief Executive of Wilton Universal Group, added: “We appreciated Endure stepping in to support this acquisition, our teams worked well together to ensure the process was smooth and expedited in a time scale that suited all parties. It will enable us to expand our facilities and generate more work in key markets as well as ensuring that other businesses around us will also be able to build longer-term plans knowing this site will remain an important part of Teesside’s future.

Lyndon Campbell led a muti-disciplinary team at Bevan Brittan which also included Partners Louise Leaver and Christian Hunt from the banking and finance team, property specialists Matthew Walsh and Sherrie Roberts and planning expert Matthew Tucker.

ENDS