Engineering firm expands with backing from FW Capital and NPIF | Jobs Vox


Engineering firm expands with backing from FW Capital and NPIF

Tim Brooksbank

A historic engineering business has ramped up production and workforce after securing investment from NPIF – FW Capital Debt Finance.

Grimsby-based Fowler & Holden was established in 1919 and provides foundry and engineering services to customers worldwide. It is part of the TGM Industrial Group.

The company has opened a purpose-built plant building and enhanced and expanded its production facility at its foundry, which is set to increase its production and manufacturing capacity by 80 percent.

The move follows a £500,000 investment from NPIF – FW Capital Debt Finance, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund.

Thanks to the new production facility, the company is also set to increase its workforce from 24 to 27, with plans to boost to 40 employees over the next few years.

Fowler & Holden has reported a flurry of activity at the foundry since the pandemic began. Previously, many of its customers imported products from China and India, however in the face of international trade borders at the peak of the pandemic, the foundry experienced a higher level of customer demand to move its suppliers onshore.

Debt finance helped the business meet these demands, by investing in more space and necessary equipment to help the production line meet the ever-increasing demand.

The investment has also been used to improve Fowler & Holden’s sustainability practices. The foundry used to transport 2,500 tonnes of new sand from Cheshire every year and send the same amount of waste sand to landfill, now down to just 500 tonnes. It has reduced the use of 100 percent new iron to 25 percent, with a long-term goal of using 90 percent recycled scrap.

Tim Brooksbank, director of Fowler & Holden, said: “The expansion of the foundry is an exciting moment for Fowler & Holden, as we look to expand its capabilities, add to its team and grow the business. At TGM Industrial Group we Wanting to grow the scale of our group companies as well as their workforce, this next step is business critical for Fowler & Holden, environmental credentials are vital to our long-term plans.

“While it goes without saying that foundries can never become completely sustainable, with the support of our NPIF and FW Capital we can now lead by example and continue to reduce our carbon footprint.

With the majority of our production being used for public and infrastructure projects, we look forward to moving forward with more talent and more environmentally responsible options.”

Toby Butcher, portfolio executive at FW Capital, said: “The team at Fowler & Holden are making outstanding progress and helping to transform the landscape of the UK manufacturing economy. Their growth is testament to how, with the right support, Businesses can expand their offerings.” in a permanent way.

“We look forward to using our own expertise and experience to help drive the business even further in the coming years with our sustainable goals and employment plans.”

The Northern Powerhouse Investment Fund project (NPIF) is financially supported by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Program 2014-2020 and the European Investment Bank .


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