Specialist hydraulic engineering firm Industrial and Marine Hydraulics Ltd (IMH) has secured major investment from FW Capital.
The Middlesbrough-based firm has received £300,000 from the Tees Valley Catalyst Fund and £500,000 from the Northern Powerhouse Investment Fund (NPIF).
Founded in 1983, IMH is a family-run business established by hydraulic engineer Paul Griffiths, whose son James is now managing director.
The company has steadily expanded into a global industry leader with 40 employees and has completed major projects worldwide.
Paul was awarded an MBE for services to engineering skills and apprenticeships in Teesside in the New Year’s Honours earlier this year.
The £300,000 loan from the Tees Valley Catalyst Fund will allow IMH to fulfil its bond requirement on £2m contract working for the Boston Flood Defence System for BAM Nuttall and the Environment Agency.
The Advance Payment Guarantee and Performance Bond means the company can enter into the contract and retain their working capital.
The £500,000 NPIF investment will support the growth required to fulfil this contract and relocate from current premises in Middlesbrough to new premises in Tees Valley. The funding will also be used to create 10 more jobs.
“We are delighted to have secured this investment from FW Capital, which enabled us to secure a major contract and employ more specialist hydraulic engineers as a result,” said James.
“The project will further cement our presence in the infrastructure sector and contribute to our ongoing business growth. We are very grateful to FW Capital for their help and support.”
Tees Valley mayor Ben Houchen said: “Thanks to our £20m commitment into the Northern Powerhouse Investment Fund, I’m over the moon to see yet another Tees Valley business going from strength to strength.
“There’s so much support available to local companies looking to expand and grow, and I would urge every single one to get in touch to see if we can help.”
Managed by FW Capital, the Tees Valley Catalyst Fund has invested £17.4m, helping businesses win almost £200m of contracts in total.
The fund is designed to help companies bid for work and is backed by the Government’s Regional Growth Fund.