In Cheshire, a manufacturer is poised for growth thanks to NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Specialist Technical Products Ltd is using the funding to support the firm’s working capital needs as it expands its product range and invests in new machinery. In addition, the funding is backing the company’s involvement in a solar energy project which will install solar panels on the firm’s facility to generate electricity for their own use and put back into the grid.
Specialist Technical Products manufactures butyl tape products which are used in a wide variety of construction markets to meet the specific applications of its worldwide customer base. The business, founded in 2001, is based in Winsford, Cheshire. In 2011 Specialist Technical Products invested in a new purpose built manufacturing facility still located in Winsford to increase production capacity to maintain its short production lead times to customers which is a highly important requirement to many of the markets it supplies.
Mike Summers, Managing Director at Specialist Technical Products, said: “The cash injection from NPIF-FW Capital Debt Finance is instrumental in our future growth. It is supporting our plans to increase our range of butyl products and the use of another innovative machine to enhance our manufacturing productivity. Our products are used widely in commercial and residential buildings to meet standard and specific applications and we are excited to expand our range. The capital is also supporting our decision to sign up for the solar energy project and expand our green credentials.
The success we have achieved to date is down to the fantastic management team and staff we have at Specialist Technical Products. I would also like to thank Simon Berry at FW Capital who has guided us through the investment process and taken the time to understand our business ambitions.”
Simon Berry, Senior Investment Executive at FW Capital, said: “Specialist Technical Products has a quality management team led by Mike Summers who has extensive experience in this niche sector. The business is well established and has an excellent reputation. It is very satisfying to provide funding to support the next stage of the firm’s growth.”
Sean Hutchinson at the British Business Bank, said: It’s great to see funding from the Northern Powerhouse Investment Fund aiding ambitious businesses in the region. Sustainability initiatives like the solar energy project demonstrates the need for greener initiatives to progress hand in hand with company growth. I’m looking forward to seeing what lies in store for Specialist Technical Products as it continues to grow its product range.”
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and 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 Programme 2014-2020 and the European Investment Bank.
