One of Grimsby’s oldest businesses is gearing up for growth after new owners secured £250,000 of investment.
Specialist engineering company Fowler & Holden Ltd - trading in the town since 1919 - is eyeing up the creation of 12 new jobs in the coming two years.
In February the business - which includes a foundry, machine shops and a fabrication facility - was bought by TGM Partners in an undisclosed deal.
Heavily focused on construction, rail and municipal infrastructure projects, it was established more than 100 years ago.
The backing comes from Northern Powerhouse Investment Fund - FW Capital Debt Finance.
Tim Brooksbank, director, said: “This investment has helped us to safeguard the jobs of 25 people and create 12 new roles in the manufacturing industry.
“FW Capital were very helpful and we greatly appreciate their support.”
The core business of the £3 million turnover operation is manufacturing and machine castings for large national civil engineering customers, specialising on large and heavy gauge machining and fabrication.
The deal was facilitated by FW Capital investment executive Andy Castle, following an introduction by Mike Asquith, of Trusted Business Partner Ltd, advisor to F&H.
Mr Castle said: “F&H is a well-established business in the manufacturing sector that is successfully expanding and creating new employment opportunities. We are pleased to have been able to provide this funding to safeguard and create jobs for the local economy and to allow F&H to continue their ambitious growth plans.”
Fowler & Holden is based at a 20,000 sq ft site on Railway Street. It joined the precision engineering and fastener-producing TGM group of companies after former custodians the Kitchens sold up after a decade at the helm.
Mr Asquith said: “F&H is a long-established and well-respected company and I am delighted they have been able to secure the funding needed to expand and create new jobs.”
NPIF works on debt and equity funding, operating from the British Business Bank’s Sheffield head office. It is supported by the European Regional Development Fund.
