AEV Limited receives NPIF funding for growing its workforce
Partner: Northern Powerhouse Investment Fund
Region: Liverpool City Region
Programme: Northern Powerhouse Investment Fund
AEV Ltd manufactures varnishes, resins, compounds and insulating products for the electrical and electronic sectors. Since its establishment in 2009, the family company has grown to become a £3.8m turnover business, and is now targeting further expansion.
From its Birkenhead site, the company manufactures and distributes its products across the UK, and exports through agencies and distributors to over 60 countries worldwide.
The company has recently expanded its product range to service the electronic motor repair, transformer and motor manufacturing industries.
The company was backed by NPIF – FW Capital Debt Finance, an NPIF fund managed by FW Capital Limited.
FW Capital’s Investment Rationale
The funding will allow AEV Ltd to create 13 new jobs in an area of very low employment in Merseyside, bringing the total headcount to 36.
The company is also looking to invest in new production facilities that will allow the business to diversify its product range even further. AEV Ltd is aiming to boost its international sales over the course of three years.
Gary Guest, FW Capital Fund Manager in the North West, said: “We’re delighted to support AEV Ltd as they continue to grow their business with our first loan from the Northern Powerhouse Investment Fund. We have a team of investment professionals, experienced in tailoring bespoke funding packages for companies across the North of England. We’ve had a large volume of enquiries since the Northern Powerhouse Fund was launched and we’re currently working with a number of talented and ambitious businesses to help support the region’s economy.”
Jonathan Kemp, Managing Director of AEV Ltd commented: “FW Capital, and in particular Simon Berry, gave unstinting support throughout the process, which was completed quickly and very smoothly.”
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.
For more information about Northern Powerhouse Investment Fund, please visit http://www.npif.co.uk.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719