Middlesbrough-based specialist hydraulic engineering firm Industrial and Marine Hydraulics (IMH) has secured a £250,000 loan from NPIF – FW Capital Debt Finance, backed by CBILS and part of the Northern Powerhouse Investment Fund.
Founded in 1983 by hydraulic engineer Paul Griffiths, who was awarded an MBE for services to engineering skills and apprenticeships in Teesside, family-run IMH has steadily expanded into a global industry leader.
The business, with Paul’s son James Griffiths now in the role of managing director, has completed major projects worldwide, including the design and installation of the Boston Flood Defence Barrier, one of the largest barriers of its kind in the UK.
Funding from NPIF – FW Capital will provide working capital amidst potential delays to projects caused by the pandemic, whilst also safeguarding jobs in the business.
In addition to solving immediate business challenges, this investment will aid the business as it prepares to bounce back and regenerate its long-term growth strategy.
IMH offers services across design, manufacturing, installation, commissioning, maintenance, and repairs, as well as component supplies and training.
The company has extensive experience of providing hydraulic engineering expertise and solutions to sectors including oil and gas, marine, subsea, energy (including renewables), nuclear, infrastructure, manufacturing and automotive.
Dave Hawkins, portfolio executive at FW Capital, said: “We have worked closely with IMH since November 2018.
“The business continues to deliver good results and growth and as long-term partners, we are delighted to see IMH go from strength-to-strength.
“FW Capital is determined to do everything we can to help our investees during this unprecedented time.
“This NPIF funding will provide IMH with the support it needs to continue to expand and excel as a global industry leader.”
FW Capital is able to offer Coronavirus Business Interruption Loan Scheme (CBILS) backed loans from the Northern Powerhouse Investment Fund between £100,000 and £750,000 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 for FW Capital CBILS-backed funding, as the deadline to apply has been extended to March 31 2021.
James Griffiths, IMH managing director, said: “FW Capital has been a valued supporter of IMH for several years and really goes the extra mile to understand our business.
“We are impressed with how quickly the team was able to get the funds to us. We are once again very grateful to FW Capital and the Northern Powerhouse Investment Fund for their support.”
Sean Hutchinson at British Business Bank added: “This investment demonstrates how funding can make a real and measurable difference to businesses across the Northern Powerhouse region, which helps create a more prosperous regional economy. It is critical that we continue to support businesses like IMF, bridging the gap created by the pandemic disruption.”
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.