A facilities management firm in the North East is to create jobs after receiving a £250,000 investment from the Northern Powerhouse Investment Fund.
Darlington-based Solid Bond Solutions - which specialises in property restoration, refurbishment and maintenance – has received the investment from the fund managed by FW Capital Debt Finance.
The company will use the growth capital to purchase equipment, increase its marketing activity and recruit new staff as it targets larger projects.
Solid Bond Solutions currently works with a number of companies and is projected to grow turnover to around £2m this year.
Managing director Terry Jerrom said: “This investment will allow us to create 19 new jobs over the next four years, meaning we can offer our exceptional service and cost-effective solutions to more clients.
“The process of obtaining funding from FW Capital was straightforward and the team were incredibly helpful. We are grateful for the support.”
FW Capital’s investment executive Steve Teasdale managed the deal, while advice was provided by David Wilson at Clive Owen LLP and Marc Allison at Weightmans LLP.
Mr Teasdale said: “Solid Bond Solutions is a well-established business with a strong customer base and a clear vision for growth and development.
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“This investment will drive growth in revenue and profitability and will lead to valuable job creation. We are delighted to support Solid Bond Solutions on the next phase of its journey.”
Tees Valley mayor Ben Houchen praised the investment, saying: “Solid Bond Solutions is another example of a thriving business in Teesside, Darlington and Hartlepool that is growing, investing, training staff and creating jobs for local people.
“It was great to meet Terry and the team when I visited the company last week. He is doing a wonderful job and working incredibly hard to land some significant contracts. There definitely should be more people like Terry in the world!”
The Northern Powerhouse Investment Fund, which is operated by the British Business Bank, provides a mix of debt and equity funding from £25,000 up to £2m).
It is supported financially by the European Union using funding from the European Regional Development Fund (ERDF).