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September 20, 2019
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Finance

Hull manufacturer to bolster overseas presence with NPIF investment

Hull manufacturer, AFOS, is tapping new opportunities overseas after securing a six-figure investment from NPIF C FW Capital Debt Finance, the main Northern Powerhouse Investment Fund (NPIF).

AFOS comes with an annual turnover of 3 million and develops, supplies and supplies repair off stainless-steel equipment for your food and medical sectors, and has a variety of customers.

The business was be more responsive to a management buy-out right at the end of 2017, with chairman Mike Sutton selling 70% within the business to four men and women the management team.

As an important part of offers to expanding its global market share within the meal and medical sectors, and then to widen the plethora of services it could possibly offer, AFOS worked as kitchen staff with fund management firm FW Capital to get a 250,000 NPIF investment.

Mr Sutton said: “Our focus is on continuing to build our profitability through maximising the usage of our mature technologies as well as chances to build new partnerships and product offerings both at home and overseas.

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

Keith Charlton, investment executive at FW Capital, added: “AFOS comes with an impressive track record within its target markets with each probability to make further progress on many fronts down the road.”

Phil Glover, Growth Hub Programme Manager with the Humber LEP, said: “I am happy to see yet one more company take advantage of capital made available in the Northern Powerhouse Investment Fund.”

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