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Back to News Joanne Whitfield

5th July 2023

NPIF – FW Capital hits £30m investment in Tees Valley


Tees Valley Combined Authority LEPNorthern Powerhouse Investment FundNPIF FW Capital Debt Finance

£30m of investment has been delivered across the Tees Valley by NPIF – FW Capital Debt Finance, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund.

FW Capital has achieved this milestone after supporting 63 ambitious, high-growth SMEs in the region with finance for growth. The loans delivered have attracted co-investment of over £31m from the private sector.

Joanne Whitfield, North East Fund Director at FW Capital, said: “We’re working hard to help more companies tap into the funding we have available and encourage businesses to contact us to access investment from NPIF-FW Capital Debt Finance which is due to come to a close in December this year. Hitting the £30m funding milestone highlights the growth potential and innovation of Tees Valley’s businesses. We’ve proud to help 63 businesses across a range of sectors to create new jobs, boost turnover, and expand into new markets.”

One notable investment example of a high growth Tees Valley business that has received support from FW Capital is Everflow. The business has enjoyed significant growth after receiving a £750,000  investment from NPIF – FW Capital Debt Finance. Since 2017, Everflow has gone from four employees turning over £2m to 180 employees with a turnover of over £115m to date. It also has 63,263 live customers, serving 83,345 premises. In March 2021 Everflow was placed at number three in the FT1000, the Financial Times’ annual list of Europe’s top 1,000 growing businesses.

Established in 2015 Everflow is a technology-led utilities company, serving businesses across the UK with environmentally-friendly water supply and commercial waste collection services. It operates from offices at Wynyard Business Park.

James Cleave, Chief Financial Officer at Everflow, said: “The investment from NPIF and FW Capital has made a real difference to our business growth. We’ve been able to strengthen our team with new jobs and improve our software. We’ve also recently diversified into other areas of business. At the end of last year, we added commercial waste collection services to our services, and we’ve plans to add telecoms and energy to our range. Our future vision is to have the four utilities – energy, telecoms, waste collection and water – all under one roof for all our SME customers. This will provide a ‘one-stop-shop’ providing one bill, one quote, one customer service agent and one digital experience.”

Keira Shepperson, Director at British Business Bank, said: “The Northern Powerhouse Investment Fund has been instrumental in empowering businesses to flourish in Tees Valley, building upon its strong industrial heritage. NPIF – FW Capital surpassing the remarkable £30 million funding milestone is a testament to the fund’s commitment to fuelling growth and driving innovation. This achievement not only benefits Tees Valley but also strengthens the entire North East economy, propelling prosperity and securing a full of success for the region.”

NPIF – FW Capital Debt Finance is managed by FW Capital and part of the Northern Powerhouse Investment Fund. It 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 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.

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