Duttons Builders Merchants has expanded its team with the help of a £250k boost from the Northern Powerhouse Investment Fund (NPIF).
The six-figure cash injection, secured through NPIF – FW Capital Debt Finance, has enabled the Middlewich-based company to take on eight new staff.
A family-run business, Duttons was founded in 2013 and today supplies products to a wide customer base across the building and construction sector, operating from purpose-built premises on Holmes Chapel Road.
The company said its turnover has more than doubled in the last four years.
Now, Duttons will grow its product range and develop its existing offering. The NPIF cash will also allow it to target larger customers, which could drive revenues further.
Richard Dutton, the firm’s MD, said: "Working with FW Capital has been quick and efficient. This funding will allow us to broaden our product range further and work with even larger customers.
"This an exciting time for our business and we are pleased that NPIF and FW Capital have chosen to support our vision.”
Simon Berry, senior investment executive at fund management company FW Capital, which runs NPIF – FW Capital Debt Finance, commented: "Richard and the team have been in this sector for a long time and understand their customer base really well.
"The new premises have bolstered their position as a leading supplier of building products in Cheshire and beyond.”
Philip Cox, chief exec of the Cheshire and Warrington Local Enterprise Partnership (LEP), said of the deal: "The LEP has invested £13m into the Northern Powerhouse Investment Fund and I am delighted that Duttons has become one of the first businesses in Cheshire and Warrington to be helped by NPIF to grow and expand.”
The NPIF is operated from British Business Bank’s head office in Sheffield.
Grant Peggie, director at the bank, said: "It is an excellent achievement for FW Capital to complete its first investment in the Cheshire and Warrington area.
"All the NPIF fund managers on the ground are quickly establishing themselves as leading providers of small business finance in the North, and we are excited to see further investments over the next few months.”
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