The funding comes in the form of two short-term loans and will be used to fulfil three major contracts
WHP Engineering has received two short-term loans from RW Capitals’s Tees Valley Catalyst Fund to support three important contracts. The funds total £2.5 (US$3.2) million and will provide performance bonds and advance payment guarantees on three major contracts.
The cash injection comes three months after WHP announced a contract win for Oxford BioMedica's viral vector manufacturing centre.
The UK company, based in Gateshead, employs more than 90 people and specialises in the design, construction, validation and maintenance of hygienic, sterile processing environments and manufacturing facilities.
The three projects were to build highly regulated clean facilities. Allison Routledge, investment executive at FW Capital, said: “Working in conjunction with WHP’s bank, HSBC, FW Capital has supported advance payment guarantees, performance and warranty bonds in respect of three contracts to manufacture highly regulated clean facilities.”
Previously, investment from SME fund, Enact, in September 2016 injected life into the company and it subsequently increased its turnover and completed projects for high-profile clients, such as Rolls Royce, GSK and Siemens.
Routledge added: "WHP Engineering is a growing Gateshead business and we are delighted to support them."