Member News
A Middlesbrough-based engineering firm has landed a £300,000 investment which will enable it to take on new contracts and identify new opportunities with "increased confidence".
MITS Inspection secured the investment from NPIF II – FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II.
Part of the MITS Group, which was founded by director Jonathan Morgan in 2019, MITS Inspection employs 11 staff with additional support from sub contractors.
It recently relocated to a 20,000 sq ft premises which integrates all areas of the business; MITS Inspection, MITS Rope Access and MITS Engineering. The new site also contains two purpose-built industrial radiography enclosure bays that provide customers with X-Ray and/or Gamma Ray tests on steel and pipework to detect any defects.
Jonathan Morgan, director at MITS Inspection, said: "The funding is helping our cash flow needs, which is allowing us to take on new contracts and identify new opportunities with increased confidence. We currently work across the UK and are aiming to expand into global markets having recently taken on some significant high profile new contracts. The funding is also giving us the freedom to look at adding a senior manager to our team.
"We've been pleased to work with FW Capital. Their support feels like a big pat of the back that we're doing the right thing as a business and gives us the confidence to expand. It has massively assisted us."
Keith Charlton, deputy fund manager at FW Capital, added: "This is a great opportunity to support an ambitious, growing business in the region. We've been impressed by how the MITS Group has widened its services and through the creation of the new radiography enclosure, they are expanding the capabilities of the MITS Inspection team and winning further new business in the UK. It’s also great to hear about their aspirations to work with new global markets and I look forward to hearing about their further successes."
