01/08/2014

Concrete specialist set on new premises thanks to The North West Fund for Loans Plus

A leading supplier of Formwork and Falsework systems used in the construction industry has secured a six-figure investment from The North West Fund for Loans Plus, managed by FW Capital.

Liverpool-based Formwork Direct International LTD provides construction companies with a full Formwork and Falsework and Scaffolding services, supplying and hiring out equipment used to mould and set concrete foundations and all concrete walls and slabs alike.

Formwork Direct International LTD has grown year-on-year since it was established in the UK in 2008 and has also recruited 7 new staff. In that time it has also patented its own FD Max and FD Light Formwork Panel systems, and established its own in-house engineering and design team which provides customers with a ‘one-stop-shop’ service.

The funding from The North West Fund for Loans Plus will help the company’s move to a larger 2819 sq ft warehouse and offices, improving its storage space and all-important transport links.

Formwork Direct International LTD will also use the funding to equip its new premises and the costs of gaining the industry accreditations it will need to tender for larger contracts.

Managing Director, Carl Kidman sees the move as crucial to the company’s continued growth: “With over 30 years’ in-house experience working with Formwork and Falsework systems, our reputation is built on being able to provide our customers with tailored solutions for any sized project.

“Storage and excellent transport links are key to our success as we need to be able to provide a ‘next-day’ service to all parts of the UK. With the backing of the funding from The North West Fund for Loans Plus we’ve been able to find new premises that will allow us to expand and build on our high standards of customer service.”

Formwork Direct International LTD plans to target the growing UK construction equipment infrastructure hire market. Currently worth £500 million per annum, this market is forecast to reach £765 million by 2016.

Commenting on the funding, Carol Bolland, Investment Executive at FW Capital, said:

“Formwork Direct International LTD is an innovative, well-established Liverpool business which has developed its own, unique patented FD Max and FD Light Formwork Panel system. Its experienced management team has a deep understanding of the construction industry and the company has built up a reputation for providing high levels of customer satisfaction.

“Moving to new premises will boost Formwork Direct International LTD capacity to service new contracts and enable it to target a market which is expecting to grow by over £200 million in the next two years. FW Capital is pleased to back their expansion plans through The North West Fund for Loans Plus.”

The £45m North West Fund for Loans Plus is managed by FW Capital and can lend between £50,000 and £750,000 to North West businesses. It is part of the wider North West Fund, financed jointly by the European Regional Development Fund and the European Investment Bank.

North West Fund Loans Plus