Funding deal enables expansion at electronics firm
Electronic engineering company Zikodrive plans to expand its operations and create up to 10 new jobs after securing an investment from NPIF – FW Capital.
The NPIF – FW Capital funding will allow the Sowerby Bridge-based company to continue with its long-term growth plans, investing in both manufacturing and the design side of the business.
Not only will this help to create new job opportunities, but it also safeguards four existing roles at the firm.
After spotting a gap in the market, university friends Graham Fick and Phil Bates began designing motor controllers at home and went on to establish the business in 2012.
Specialising in the design, programming and manufacture of motor control electronics for brushed/brushless, sensorless and stepper motors at its dedicated facility in Calderdale, the company has since grown significantly.
The investment was facilitated by FW Capital investment executive Andy Castle, following an introduction by Vicki Walker, of Resolute Commercial Finance Limited.
Castle said: “Zikodrive is a company that was built on entrepreneurship and innovation and we are delighted to support them on the next stage of their journey.
“The impact of this funding will go towards creating up to 10 new jobs and has brought investment to the local area, boosting the local economy. We are pleased to have played a role in that.”
Bates, Zikodrive managing director, said: “We’re proud to be a West Yorkshire-based electronic engineering company that designs and manufactures new components in the UK to export around the world.
“We’ve continued to supply a lot of companies involved in the fight against the pandemic in the last 12 months and the funding secured will help us expand our operations in what is still a difficult economic situation.
“The funding from FW Capital has played an important role in this and we’re very grateful for their support.”
Walker, Resolute Commercial Finance’s founder, added: “Zikodrive is driven by an ambitious and forward-looking team who are successfully capitalising on the growing market for motor controllers.
“It’s been a pleasure to work with them and to help them secure the funding needed to achieve their goals. I’m looking forward to following the company’s success.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m).
It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
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.
