Newsletters

Back to Northern Powerhouse Investment Fund News – Issue 1

Deal in Focus: ENEX Group

The £250,000 worth of debt funding to engineering firm Enex Group, marked our first investment in the Tees Valley region since the launch. The company, which is based in Teesside, designs, manufactures and supplies mechanical safety interlocks and process safety systems to the oil and gas industry. It has recently completed the development of a ‘Patent Pending’ ENEX i-LOCK product range with leading-edge safety features, providing a greater level of safety and reliability to other available mechanical interlocks.

The deal, completed by NPIF – FW Capital Debt Finance, will help the company formally launch this new product to the market and expand in the North East. ENEX is also in the process of carrying out further developments on a series of other safety products to help clients overcome plant operational restrictions.

The business is led by managing director Wayne Hodgson and employs five staff with further plans to create 16 new jobs in the Middlesbrough area over the next three years.

Paul Booth, chair of Tees Valley Local Enterprise Partnership and Tees Valley Combined Authority Cabinet Member, said: “This is fantastic news for ENEX Group and for the Tees Valley economy. This stream of 04funding can make a tangible difference to businesses, as is demonstrated by the growth in sales and job creation ENEX is expecting.”

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

Editors Notes