Tech firm enhances digital transformation through £700k funding
Electromechanical specialist, Central Group, has secured a £700,000 investment package from NPIF II-FW Capital Debt Finance.
The support will help the Knowsley-based firm with its growth strategy, job creation and advances in new technology.
The firm specialises in the supply, installation, repair, and maintenance of industrial electric motors, generators, inverter drives, and industrial pumps.
It works with Original Equipment Manufacturers (OEM) such as ABB, Nidec, Innomotics and Siemens and is a specialist in the rotating machinery sector, with more than 50 years’ experience.
The funding will help create eight jobs and support the firm’s work with Liverpool University and Liverpool John Moore University with whom it is collaborating on a Knowledge Transfer Project.
Combining academic research and industrial expertise, they are paving the way for advances in technology with regards to system diagnostics and maintenance optimisation. This involves the development of an AI-driven prognostic health management system for industrial drives.
A second-generation family-run business, Central Group is managed by the Sutton brothers, Shaun and Tim, who took control of the business in 2001.
Managing director, Shaun, said: “We are making substantial changes by applying cutting-edge AI algorithms and predictive analytics to real-world mechanical systems, improving their reliability and performance.
“This is a real game changer for our industry because this cutting edge sensor technology offers protection for critical assets so we can predict in advance when machinery may fail and schedule in maintenance.”
He added: “The NPIF II backing and support from Laura Rees at FW Capital has been very important, providing us with the necessary working capital to drive this change from being a reactive business to being able to plan ahead and monitor in work.”
Laura Rees, Senior Investment Executive at FW Capital, said: “Shaun and Tim are extremely proud of their family business and are embarking on an exciting journey of growth.”
Sue Barnard, Senior Manager at the British Business Bank, said: “Since taking control of the business over 20 years ago, Shaun and Tim have grown Central Group into an electromechanical specialist.
“The finance from NPIF II will help to propel the business into its next stage of growth, creating eight new roles and boosting the economy in the local area. It is great to see businesses like Central Group using NPIF II to grow and unlock potential in the region.”
