Cash injection supports Teesside engineering firm to secure and create jobs

An engineering firm in Middlesbrough has received a six-figure cash injection which will lead to future job creation in the region.

Wilton Engineering Services Ltd has received £750k of funding from the Northern Powerhouse Investment Fund and FW Capital Debt Finance, which will provide the business with working capital during the COVID-19 pandemic, safeguard 117 roles and create up to 20 new jobs with the firm.

Operating from a 54-acre facility at Port Clarence Road, Wilton Engineering Services designs, manufactures and applies industrial coating to structures required in the the offshore oil and gas, subsea, marine, decommissioning and offshore wind industries.

It has been a portfolio company of FW Capital Debt Finance since 2014, having received a total of £3m from the Tees Valley Catalyst Fund (TVCF) to support project bonding, which has helped them win over £50m in new contracts.

Through the Northern Powerhouse Investment, FW Capital Debt Finance is able to loan between £100k and £750k to businesses, fully backed by the Coronavirus Business Interruption Loan Scheme, to support those experiencing lost or deferred revenues which has disrupted cash flow.

Bill Scott OBE, chief executive of Wilton Engineering, commented: “We greatly value the partnership we have with the team at FW Capital.

“This funding will allow us to continue to work on our growing pipeline of projects as we pivot towards opportunities in new markets.”

Alexandra Gent, FW Capital investment executive, explained: “Since 2014, we have seen Wilton grow significantly to become a highly important part of the regional economy, now employing many local people.

“This NPIF funding will ensure Wilton can continue its excellent work delivering world class projects. As long-term growth partners, we are delighted to have been able to help.”

Tees Valley Mayor, Ben Houchen, added: “Wilton Engineering is a fantastic Teesside success story which works with customers from all around the world, so I am delighted that the team has received this funding to help them carry on with their crucial projects during this difficult time.”

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