NPIF loan enables Burnley business to plan for future growth
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Ram Services, which provides specialist repair and protection works for the construction and utility industries, has secured a £250,000 loan.
The deal is through NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Based in Burnley, the company is regularly involved with major construction schemes throughout the UK, including The Thames Tideway Project, one of the largest construction projects in Europe.
It offers a range of specialist bespoke structural services to major infrastructure utility companies throughout the UK, as well as dedicated diamond drilling, sawing, and controlled demolition services.
With an average annual turnover of £4.5m, the company currently employs more than 30 staff and recently completed an MBO led by Paul Haworth and his co-director Jamie Best, who have worked for the business for 24 and three years, respectively. NPIF-FW Capital provided the £250,000 loan to support working capital following the buyout.
Paul Haworth said: “We operate in a niche market with some major players in the construction and utility sectors, working on some very large and high profile projects – we required funding to invest in new staff so that we can service a growing pipeline of work.
“We are taking on two new staff immediately with further appointments planned over the next two years in line with our growth strategy. We put new employees through rigorous training to ensure that we can safely deliver high quality work to our customers.”
FW Capital senior investment executive, Andy Traynor, said: “As well as being an excellent business, one of the key drivers for investing in this company was the people who run it. Paul and Jamie are very experienced in this sector. They are both ambitious and have the drive and determination to take this business forward and realise its significant growth potential.’’
Sue Barnard, at the British Business Bank, said: “The North is set to play a central role in the UK’s economic recovery and access to finance will be vital in the years ahead. Investments in businesses like Ram Services are creating a more innovative and prosperous regional economy for the future, filled with new jobs and opportunity.”
FW Capital provides loans of £100,000 to £750,000 to businesses based in the NPIF region with a focus on the North West, Cumbria and Tees Valley.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.