NPIF backs manufacturing company

AFOS has secured a six-figure investment from NPIF – FW Capital Debt Finance, part of the Northern Powerhouse Investment Fund (NPIF).

The Humberside manufacturing firm specialises in the development, supply and maintenance of high-quality stainless steel equipment for the food and medical sectors. 

The business was subject to a management buyout towards the end of 2017, with Mike Sutton, chairman at AFOS, selling 70% of the company to four members of the management team.

AFOS will use the £250,000 NPIF investment to help grow its global market share in both the food and medical sectors and widen the range of services its can offer.

“Our focus is on continuing to grow our profitability through maximising the use of our mature technologies and taking advantage of opportunities to build new partnerships and product offerings both at home and overseas,” said Mike.

“The commercially minded FW Capital investment team quickly understood the business and our future ambitions for it, and were extremely supportive right through the investment application process.”

Phil Glover, growth hub programme manager for the Humber LEP, said he was delighted to see yet another company benefit from capital made available through the NPIF.

“It is particularly satisfying to see the fund managers help a longstanding local firm such as AFOS extend [its] markets across the globe.

“[Its] robust business plan and excellent management team offered us an excellent investment proposition and we believe the working capital we’re providing will see AFOS securing even greater commercial success.”

Pictured above: Lindsey McMenamin of FW Capital (centre) with (l-r) Mark White, Lisa Featherstone, Sarah Clark and Debbie McNally, all members of the AFOS management team

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