FW Capital lends first £2 million to 13 businesses
in the North West
26/09/11
FW Capital, the company which manages the North West Fund for
Business Loans, has invested over £2 million through 13 deals since
the Fund launched in December 2010.
There has been no shortage of applications to the £35 million
Fund from established businesses operating in a range of sectors
throughout the North West. Interest has so far been strongest
amongst businesses in Greater Manchester and there are more in the
pipeline.
“We’re delighted by how quickly the Fund has taken off and also
by the quality of applications we’re seeing,” explains FW Capital’s
Fund Manager, Gary Guest. “Many of the businesses coming forward
are well established and have traded through tough times before.
They’re taking a long-term view and using their ingenuity to grow
their business.”
FW Capital’s £150,000 loan to household, health and beauty
products manufacturer, Expac (Preston) Ltd took the Fund’s
investment total over the £2 million mark. It will enable the
Leyland-based family business to exploit new opportunities within
the sector.
The loan comes from the £185m North West Fund financed by the
European Regional Development Fund and the European Investment
Bank.
Expac’s management team plans to relocate to larger premises,
invest in its product range and drive operational efficiencies.
Mark Langtree, Expac’s director said: “Since my father founded
the company over 30 years ago, Expac has grown by identifying
opportunities in new markets and working with household names to
manufacture well-known products. FW Capital’s loan will help us to
continue this tradition.”
FW Capital’s Senior Investment Executive in Manchester, Gavin
Cowling, who structured the loan said: “Expac is a well-established
company with a strong competitive advantage. Its shrewd management
team knows its market well and has re-engineered the company so
it’s well-placed to exploit the £1.35 billion beauty and cleaning
products market.”
Expac was introduced to FW Capital by Gary Edgerton of
Wigan-based accountants, Fairhurst, who commented: “Expac’s
relocation plans are a major step in the company’s development and
clearly required a particular type of funding. I knew about the
Fund’s lending criteria and didn’t hesitate in recommending it to
Expac’s management team.”
FW Capital has established operations in Liverpool, Manchester
and Preston. Commenting on its impact in the North West, Guest
said: “We’ve built up strong relationships with businesses and
their advisers and this is now paying off. The banks have been a
particularly strong source of referrals for us.
“We want to work with more banks as we have different lending
criteria. The banks and advisers who’ve already referred clients to
us for investment are finding it’s a ‘win win’ situation.”
Andy Leach, chief executive of North West Business Finance, the
not-for-profit company set up to deliver The North West Fund said:
“I’m really pleased that The North West Fund has been able to help
Expac, a well established family-business, achieve its growth
plans. I’d like to think that, with £2m now invested from our
Business Loans Fund clearly demonstrating our ability to satisfy a
demand across the North West, there will be more growing SMEs keen
to access funding from The North West Fund. North West businesses
should feel privileged that such a large fund is available to help
them grow.”
For more information, please contact:
Marianna Marks
Tel: 079 5869 0659
E-mail: marianna@mandmcomms.com