Civil engineering firm, BIAD Civils received funding from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
The established Manchester-based firm is set to grow by 62% in the coming 12 months, taking turnover from £3.7million to £6million.
The funding will provide a cash injection to the firm which was established in 2010, allowing BIAD to relocate to larger offices, take on new staff and invest in vital equipment and machinery such as plant and system formwork used to provide the best concrete finishing for walls, foundations, columns and slabs.
BIAD Civils works with main contractors, developers, local authorities, housing and private commercial clients in the civil and construction industries. The firm currently employs 38 staff, both office and site based, a figure which is expected to increase to around 60.
Under the firm’s ambitious growth strategy, and with the right infrastructure in place, BIAD is keen to consolidate its position within the North West, delivering a quality and professional service, now with the strength and capacity to be able to take on larger commercial projects.
Billy Mullholland, Director at BIAD Civils commented: “The funding from FW Capital has been secured at just the right time for us. The local construction market is thriving and this places us in a strong position where we are able to capitalise on the many opportunities around us. This cash injection is integral to our plans, enabling us to take the next step in our ambitious journey.”
He added: “We have a fantastic business, made up of a team of highly skilled individuals, all working together to maximise the quality of our services, ensuring projects are delivered on time and within budget. We’re incredibly excited about the future of BIAD and would like to thank FW Capital for the fantastic support they’ve given us.”
FW Capital senior investment executive Simon Berry said: “You only have to look at the skylines in Manchester and Liverpool to see that the construction sector in the North West is booming. “BIAD has grown significantly every year over the last four years. Both the directors are very experienced in the industry and they have built up an impressive customer base. “It’s a very exciting time for BIAD, which is set to almost double in size during the next 12 months and I’m really pleased that our investment will help to support this growth.”
Sue Barnard at British Business Bank, said: “NPIF continues to provide vital funding to Northern businesses across the region. We are pleased to continue this support, and are proud to work in partnership with FW Capital and our other appointed fund managers to make a real impact on business communities, creating jobs and strengthening regional economies to unlock the North’s potential.”
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.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719