Stockton-on-Tees-based mechanical, electrical and water management services provider JH Mechanical & Electrical has received 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 Sunderland City 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 manages NPIF II – FW Capital Debt Finance which is part of the Northern Powerhouse Investment Fund II, with a primary focus on the North West regions of 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 fulfill 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.”
NPIF II – FW Capital Debt Finance can provide loans in the NPIF II area with a primary focus on the North West regions of Cheshire, Cumbria, Greater Manchester, Lancashire and Merseyside.
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. FW Capital will provide debt finance options from £100,000 to £2million to businesses based in the North West of England.