• Fri. Jun 14th, 2024

North East Connected

Hopping Across The North East From Hub To Hub

NPIF funding drives fast growth for Stockton-on-Tees firm

ByCJ Media

Mar 29, 2023
Southern Asset Management and FW Capital

Southern Asset Management, a Stockton-on-Tees specialist structural testing and asset management firm is celebrating new contract wins and job creation after securing a six-figure funding boost.

The funding was provided by NPIF – FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund (NPIF). Funding will help support the firm’s fast growth after securing new contract wins with local authorities across the UK including Leicestershire Council and the North and Mid Wales Trunk Road Agent (NMWTRA). Southern Asset Management is also investing in JCB plant machinery, state of the art innovative testing software, and the development of an online data asset management portal which will give clients a never-before-seen level of data capture alongside unparalleled control over their own assets and data.

Established in 2022, Southern Asset Management is run by managing director Steve Southern. It is a structural testing and asset management business that primarily tests steel lighting columns, high masts and other metallic assets. The business is fully recognised by the Highway Electrical Registration Scheme (HERS).

Steve Southern, Southern Asset Management said: “Without the loan from NPIF – FW Capital we wouldn’t be where we are today.  Rachel Smith and the team have been brilliant. The funding has provided the platform we needed to facilitate growth and secure significant contract wins. I am grateful for the confidence they have shown in the business.

“I’m proud to say that Southern Asset Management is the first in this sector to implement a full NDT (Non Destructive Testing) apprenticeship, which alongside helping the company drive innovation and development, is of great benefit to the Tees Valley area. We are introducing eight new apprenticeship roles at our Stockton-on-Tees site and are also proud to support the employment of war veterans, getting them back into work. Achievements like this wouldn’t have been possible without the financial backing from NPIF – FW Capital.

I would also like to say a massive thank you to Teesside University, Tees Valley Combined Authority (TVCA), Abacus Bean Accountancy, Motif-8 Embroidery, Stockton-on-Tees Borough Council Economic Department, Durham Tees Valley Business Centre, The Welding Institute (TWI), the Endeavour Partnership LLP, Close Brothers, the Highway Electrical Association (HEA), TC Harrison JCB in Sedgefield, Owen Ryan, Alt-Labs and especially my family, friends and staff at Southern Asset Management, for their continued support. Truly amazing which has been overwhelming to say the least.”

Rachel Smith, Investment Executive at FW Capital, said: “Southern Asset Management has experienced impressive fast growth from a standing start and is a dynamic and engaging business. The level of expertise in their sector is extensive which is reflected in their series of new contract wins to bolster the expansion of the business even further. Steve is very passionate about creating new jobs and opportunities locally in Teesside and his use of technology in the online portal system is a great example of how he is innovating to support his UK wide client base.”

Sean Hutchinson at British Business Bank, said: “Regional investment is a powerful catalyst for job creation and business growth. The six-figure funding boost for Southern Asset Management is a prime example of how investment in Tees Valley can drive innovation, enable expansion, and fuel economic development. Steve’s dedication to local economic growth is also a key part of the Northern Powerhouse Investment Fund’s objectives.”

FW Capital can provide loans in the NPIF region with a focus on Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, and the Tees Valley.

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 Program 2014-2020 and the European Investment Bank.