Salford based Safeway on track for success with £200k NPIF funding boost from FW Capital
A company which provides recruitment and infrastructure support
to the railway industry is expanding following a £200k investment
from NPIF - FW Capital Debt Finance, part of the Northern
Powerhouse Investment Fund (NPIF).
Salford based Safeway Contractors Limited set
up four years ago by directors Paul Walpole and Danny Stacey to
supply labour to niche areas of the sector such as mechanical
fitters, plant operators, track gangs and critical safety
The company has grown quickly and recently
strategically brought in two new directors with the expertise to
expand its services to include delivery of maintenance and civil
engineering contracts, creating a true “infrastructure support”
business. Turnover is predicted to reach around £5m this year and
expected to grow to circa £15m in the next two years.
Director Paul Walpole said: “During the last
five years there has been huge investment in rail infrastructure
with the industry seeing its biggest overhaul since Victorian
times. This is set to continue with more investment from the
government to improve railways and with stand-alone projects such
“As we already work with the majority of the
principal contractors involved in these projects, the next 5 years
will hold fantastic opportunities for us.
“We needed funding to strengthen our team to
cope with what will be a rapid period of growth for Safeway
Contractors. The loan from FW Capital has been used to recruit 11
new staff bringing the total to 19 across our operations in
Manchester and Cardiff.
“We’ve had a great experience with FW Capital.
An investment process can be quite a daunting prospect especially
for a relatively young business but it was a pretty smooth
transaction. FW Capital took the time to come and see us and
quickly understood what we were trying to do. They could see our
potential and lent to us based on our projections rather than our
FW Capital investment executive Adam Husband
said: “We were introduced to the business by Paul Mak of
Pomegranate Commercial Finance which often works with companies
that fall outside the criteria for traditional lending options.
“Straightaway we recognised the significant
expansion prospects for Safeway Contractors. The new
directors have different but complementary expertise enabling the
business to tap into new markets and essentially become a one stop
shop for all infrastructure requirements.
“Their reputation is second to none and they
are working with many of the key players in this sector. I’m really
happy we’ve supported them and that our investment has made a
marked difference in a short space of time.”Sue Barnard,
senior relationship manager at British Business Bank,
said: “The Northern Powerhouse Investment Fund continues
to provide vital support to businesses across the North. Safeway
Contractors will benefit significantly from this investment, and we
are pleased to support the team in its efforts to triple turnover
in this high growth -- market.”