Funding boost creates extra jobs at construction company
Hull-based Stubbs Construction Ltd plans to expand and create new jobs with support from NPIF – FW Capital Debt Finance, which is managed by FW Capital part of the Northern Powerhouse Investment Fund.
Stubbs construction is a family-run business established over 40 years ago. It employs a team of over 40 staff.
The business started as a small building contractor carrying out domestic works across Hull.
Since that time, the company has continued to grow and enter new sectors, delivering schemes worth more than £5m-£6m.
It has completed care and residential schemes nationally and is building on relationships to ensure its pipeline of work remains strong.
The NPIF & FW Capital funding will be used to allow Stubbs Construction to continue with its growth plans and provides the money required to create five new positions.
The investment was facilitated by FW Capital investment executive Andy Castle, following an introduction by Phil Marshall, senior relationship manager at Natwest Bank.
Castle said: “Stubbs Construction is a successful family-run business that has grown from carrying out smaller build projects to being an accepted contractor on substantial construction projects, which in turn has allowed for considerable sales income growth.
“FW Capital is committed to supporting our clients in a long-term partnership to help them meet their growth ambitions.
“We are pleased to have been able to provide this funding to Stubbs Construction to enable the company to achieve its goals.”
Mark Stubbs, Stubbs Construction managing director, said: “The support from FW Capital has allowed us to continue with our strategic expansion programme and create some exciting new roles in our organisation.
“The team at FW Capital really understood our plans for the future of the business and were able to quickly provide the support we needed.”
Phil Marshall, senior relationship manager at Natwest Bank, said: “It’s an exciting time for Stubbs Construction as they embark on their expansion plans and create new jobs for local people. We wish them every success on their future projects.”
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.
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).