North Yorkshire-based Allerton Steel Ltd a specialist structural and mechanical fabrication company, has secured a £500,000 investment from NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).

The company, which employs 97 people at its workshop in Northallerton, has significant experience across many sectors, including the construction, oil and gas and renewables sectors, as well as bridges and high-rise commercial buildings. The NPIF funding will be used as part of development plans, including working capital, and it has directly safeguarded 20 jobs.

Allerton Steel has worked on many landmark London buildings including the Shard, Battersea Power Station, the Olympic Village and 22 Bishopsgate, providing large elements of the infrastructure works. It has also been involved with a number of sports venues, including the new stand at Anfield, home to Liverpool Football Club, as well as the new stadia for Manchester City and Tottenham Hotspur, and the conversion of the Olympic stadium for West Ham United.

The investment was facilitated by FW Capital Investment Executive Andy Castle, following an introduction by David Streather of Garbutt & Elliott Accountants, advisor to Allerton Steel.

Andy Castle, investment executive at FW Capital, said: “Allerton Steel is a well-established company with an impressive portfolio of clients, including some of the world’s most famous buildings and sports venues.

“FW Capital is always looking to support our clients and help them grow so we are delighted to have been able to provide this funding to Allerton Steel to safeguard jobs and allow them to continue to achieve their long-term objectives.”

Giles Penn, Allerton Steel managing director, said: “This investment is direct assistance to safeguard our jobs and to return the business to growth following the significant disruption caused by the Covid-19 pandemic.

FW Capital have been able to assist where traditional retail banking has not and their level of assistance and understanding could have not have been greater at a time when we needed it most. I am extremely grateful to the work put in by our advisers and all those at FW Capital – with their support we have a stronger future.”

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 £2 million). 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.

The Northern Powerhouse Investment Fund project is supported financially by the EU using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.