Wilton secures six-figure CBILS-backed NPIF-FW Capital debt finance loan
Middlesbrough-based Wilton Engineering Services Ltd has received a six-figure CBILS-backed loan from NPIF - FW Capital Debt Finance, which is part of the Northern Powerhouse Investment Fund.
Through the Northern Powerhouse Investment FW Capital is able to loan between £100k and £750k backed by CBILS to SMEs that are experiencing lost or deferred revenues, leading to disruptions to their cash flow Both new and existing customers are eligible to apply.
Wilton received a £750,000 investment to provide the business with working capital during the Covid-19 pandemic.
Wilton is a well-established Tees Valley business which established itself in the oil & gas sector and successfully diversified into a myriad of other energy industries.
Operating from a 54-acre facility, the firm designs, manufactures and applies the necessary industrial coating and loads out large complicated structures for the offshore oil and gas, subsea, marine, decommissioning and offshore wind industries.
Wilton has been a portfolio company of FW Capital since 2014, having received a total of £3million from the Tees Valley Catalyst Fund (TVCF) to support project bonding, helping them win over £50m of contracts. The CBILS funding will allow Wilton to potentially create 20 new jobs and safeguard a further 117 roles.
Bill Scott OBE, Chief Executive of Wilton Engineering, said: “We greatly value the long-standing partnership we have with the team at FW Capital. This funding will allow us to continue to work on our growing pipeline of projects as we pivot towards opportunities in new markets. We are very grateful to FW Capital for the support.”
Alexandra Gent, FW Capital Investment Executive, said: “FW Capital first worked with the team at Wilton Group in 2014.
“Since then, we have seen Wilton grow significantly to become a highly important part of the regional economy, now employing many local people.
“This NPIF funding will ensure Wilton can continue its excellent work delivering world class projects. As long-term growth partners, we are delighted to have been able to help.”
Tees Valley Mayor, Ben Houchen, said: “Wilton Engineering is a fantastic Teesside success story which works with customers from all around the world, so I am delighted that the team has received this funding to help them carry on with their crucial projects during this difficult time.
“My number one priority throughout the coronavirus pandemic has been to support local businesses and local jobs in anyway I can. This support Wilton has received is vital for them to continue to support local jobs and play such a crucial role in our regional economy.”
Mark Wilcockson at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses in the Tees Valley has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and deliver on major contracts. We are pleased that NPIF is continuing to unlock Teeside’s growth potential, despite the pandemic, by supporting growing businesses with vital investment.”
FW Capital can provide loans in the North of England with a focus on businesses in Cheshire, Cumbria, Greater Manchester, Lancashire, Liverpool City Region and Tees Valley.
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Delivered by the British Business Bank, via NPIF - FW Capital Debt Finance, CBILS will support the continued provision of finance to UK smaller businesses during the Covid-19 outbreak.
The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and industrial Strategy (BEIS).
For more information, please contact:
029 2033 8149
For Wilton Engineering, please contact:
Media centre: www.fwcapital.co.uk/media
Social media links:
FW Capital is a fund management company currently managing UK-based funds over £191 million. FW Capital has invested over £100 million through 418 investments into 336 growing businesses in the North of England.
FW Capital manages a number of funds across the North of England.
The Northern Powerhouse Investment Fund (NPIF)
FW Capital manages NPIF - FW Capital Debt Finance across the North West and Cumbria and Tees Valley. The funds offer business loans from £100,000 - £750,000.
FW Capital manages these funds on behalf of the British Business Bank, the European Regional Development Fund and the European Investment Bank.
The Tees Valley Catalyst Fund
The Tees Valley Catalyst Fund supports businesses based in the North East (including County Durham, Darlington, Gateshead, Hartlepool, Middlesbrough, Newcastle, North Tyneside, Northumberland, Redcar & Cleveland, Stockton on Tees, South Tyneside, Sunderland and parts of Hambleton, Richmondshire, Ryedale, Scarborough. Please contact us to check regional eligibility criteria.
The fund offers short-term debt investments from £100,000 to £2 million to support businesses bidding for contracts.
FW Capital manages this £10 million fund for Tees Valley Combined Authority and Tees Valley Local Enterprise Partnership.
The North East Property Fund
The North East Property Fund offers short-term loans for small and medium-sized construction and property development companies.
Loans from £250,000 up to £1million are available for residential and non-speculative commercial developments in Tyne& Wear, Northumberland, and County Durham.
FW Capital manages the £10 million North East Property Fund on behalf of NPF 2016 Limited, supported by investment from Santander and the North East LEP.
FW Capital is part of the DBW Group one of the UK’s largest SME investors. The DBW Group manages funds of in excess of £1 billion and has invested over £0.5 billion through more than 4,435 investments. For further information on the Group visit https://developmentbank.wales
About The Northern Powerhouse Investment Fund
- The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding
- The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.
- The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley.
- The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb
- About Wilton Engineering
- Wilton Engineering is a multi-discipline Engineering Services provider based at a 54-acre site adjacent to the River Tees in Middlesbrough, North-East England. It specialises in engineering design, fabrication and construction, analysis, and coatings and services for the onshore and offshore energy industry and possess a strong and diverse portfolio of successfully completed projects.