Northern Powerhouse funding for Hull specialist engineering company
Lindsey McMenamin (centre), portfolio executive at FW Capital, with members of the AFOS management team (from left) Mark White, Lisa Featherstone, Sarah Clark and Debbie McNally
By Hull Daily Mail | Posted: 4 Jun 2018
A SPECIALIST engineering company in Hull is set to move into a new era after receiving the backing of a six-figure investment from the Northern Powerhouse fund.
AFOS, which produces stainless steel equipment for the food and medical sectors, recorded a £3m turnover last year and currently employs almost two dozen people at its Wiltshire Road site.
The company has now secured £250,000 of funding from the Northern Powerhouse Investment Fund and is ready to move onwards and upwards.
Mike Sutton, chairman at AFOS, said: “AFOS has an excellent reputation in a range of niche markets and a long-standing track record which demonstrates how we live up to it for customers around the world.
“Our focus is on continuing to grow our profitability through maximising the use of our state of the art process technologies and taking advantage of opportunities to build new partnerships and product offerings both at home and overseas.
“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.”
AFOS began as a manufacturer of traditional fish smoking kilns, and still provides a range of such equipment today, although it is now equipped with state-of-the-art Siemens microprocessor controls.
Its food sector product range, which is recognised as providing the industry standard by the British Retail Consortium, has expanded to include defrosters, deglazers, dryers and brining lines, data from which can be accessed online by customers from anywhere in the world.
AFOS also has 35 years’ experience of supplying hospitals, medical and veterinary schools and laboratories with “down draught” ventilation equipment, which are used in pathology, mortuary and laboratory installation to ensure their environments are safe for use.
Its equipment can be found across the Middle East, Far East and North America, as well as closer to home and it also operates a service arm for this side of the business to further enhance the revenues that can be generated from it.
Phil Glover, Growth Hub programme manager for the Humber LEP, said of the funding: “I am delighted to see yet another company benefit from capital made available through the Northern Powerhouse Investment Fund.
“It is particularly satisfying to see the fund managers help a long-standing local firm such as AFOS extend its markets across the globe. Its 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.”
World's leading electric vehicle manufacturer commits to Hull's 200m energy park plan