Facilities management firm Solid Bond Solutions Ltd has received a £250,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.
Solid Bond Solutions is a construction company specialising in property restoration, refurbishment and maintenance. The Darlington-based contractor carries out both planned and reactive maintenance works and surveys on behalf of major blue-chip clients who prefer to outsource their work to a single one-stop provider.
In the four-year period to-date, turnover has grown to £1.5m and is projected to grow another 30% through confirmed orders to March 2020.
The company is using the growth capital investment to purchase equipment, increase its marketing activity and recruit new team members as it secures larger projects as part of its growth.
FW Capital’s investment executive Steve Teasdale managed the deal, which was introduced by David Wilson, Associate Director, Corporate Finance at Clive Owen LLP and Marc Allison, Partner at Weightmans LLP.
Terry Jerrom, Solid Bond Solutions MD, said: “This investment will allow us to create 19 new jobs over the next four years, meaning we can offer our exceptional service and cost-effective solutions to more clients. The process of obtaining funding from FW Capital was straightforward and the team were incredibly helpful. We are grateful for the support.”
Steve Teasdale, Investment Executive at FW Capital, said: “Solid Bond Solutions is a well-established business with a strong customer base and a clear vision for growth and development.
“This investment will drive growth in revenue and profitability and will lead to valuable job creation. We are delighted to support Solid Bond Solutions on the next phase of its journey.”
Tees Valley Mayor, Ben Houchen, said: “Solid Bond Solutions is another example of a thriving business in Teesside, Darlington and Hartlepool that is growing, investing, training staff and creating jobs for local people.
“It was great to meet Terry and the team when I visited the company last week. He is doing a wonderful job and working incredibly hard to land some significant contracts. There definitely should be more people like Terry in the world!”
Mark Wilcockson, Senior Manager at the British Business Bank, said: “NPIF continues to provide vital funding to businesses in the Tees Valley. 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 potential in the Tees Valley.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
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