A Billingham-based water and wastewater treatment specialist has secured a six-figure investment from the Northern Powerhouse Investment Fund (NPIF).
Biochemica Water, founded by Teesside-born David Ruddy and his business partner Dr Timothy Robinson, provides legionella control, boiler and cooling water treatment and wastewater treatment services, generating an annual turnover of £7m and employing over 80 staff.
The company recently acquired a small counterpart in Scotland – Effective Project Management – and has also launched in Northern Ireland as Biochemica Water NI.
The investment – provided by NPIF – FW Capital Debt Finance, which is managed by FW Capital – will be used to support expansion and the appointment of key personnel, including a new head of sales.
John Fraser, Biochemica managing director, said: “We’re very grateful to FW Capital for their support.
“The funding will allow us to continue to fulfil our growth ambition, which is to increase employees, premises and customers.”
Steve Teasdale, investment executive at FW Capital, said: “Biochemica is an established business with a strong blue chip customer base.
“Its sales forecasts clearly show sustainable profitability and cash generation. We are delighted to have been able to provide this funding and are confident in its ongoing expansion.”
Source: Insider Media