A UTILITIES firm is targeting further expansion after securing fresh backing.
The Fastflow Group says it has “significant” support from London’s Elysian Capital to fulfil its plans.
Headquartered in Washington, Wearside, Fastflow provides maintenance services across the water, gas and social housing sectors.
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Chief executive Neil Armstrong, who founded the company in 2005 after buying Fastflow Pipeline Services from Northumbrian Water, said Elysian will allow his company to reach its goals.
The deal was brokered by Cavu Corporate Finance (Newcastle), while Lloyds Bank Commercial Banking and Yorkshire Bank provided senior debt facilities to support the transaction.
Ken Terry, Elysian chief executive, said: “Neil and his management have demonstrated their continued hunger to take on opportunities.”
Jamie Fraser, relationship director for mid markets at Lloyds Bank Commercial Banking, added: “Our relationship with Fastflow spans over a decade, so to be part of the business’ next phase of growth is very exciting.”
Fastflow previously announced work, worth up to £270m over nine years, to deliver system improvements, install meters and carry out repairs and maintenance for Northumbrian Water.
It has also been appointed as a contractor to Scottish Water and has separate deals to maintain gas assets.