Tyneside-based firm WHP Engineering has secured investment from FW Capital in the latest round of finance for the company.
FW Capital has made two short-term loans totalling £2.5m from its Tees Valley Catalyst Fund to support three significant contracts for the Gateshead engineering company.
Allison Routledge, investment executive at FW Capital, commented:
“WHP Engineering is a growing Gateshead business and we are delighted to support them.
“Working in conjunction with WHP’s bank, HSBC, FW Capital has supported advance payment guarantees, performance and warranty bonds in respect of three contracts to manufacture highly regulated clean facilities.”
This latest funding follows investment into the firm from Endless LLP-managed SME fund Enact in September 2016.
Subsequent strengthening of the WHP Engineering management team and board has seen it grow turnover and deliver projects for blue chip clients such as Rolls Royce, GSK and Siemens.
Caroline Farquhar, WHP Engineering finance director, explained:
“Enact have been very supportive as shareholders since their investment in 2016 and we are delighted to have found another fantastic funding partner in FW Capital.
“They were helpful and flexible and really understood our business. The investment enabled us to fulfil three major contracts, and we are very grateful to them.”