£750k investment creates new jobs for Yorkshire safety solutions company
An East Yorkshire-based safety technology company has received a six-figure investment from NPIF - FW Capital Debt Finance.
Marine Rescue Technologies (MRT), which currently employs 20 staff, is a specialist provider of man-overboard safety solutions to aviation, offshore oil and gas, defence, commercial marine and renewable industries worldwide.
The £750k of funding comes as part of the Northern Powerhouse Investment Fund (NPIF), and will be used to create three new jobs, as well as increase the company’s marketing spend.
The firm also recently received a €435k research and development grant from the European Global Navigation Satellite Systems Agency (GNSS) to lead the development of next generation search and rescue distress beacons.
Ryan Pettit, MRT CEO, said: “The investment from FW Capital comes at a time of great growth for MRT, with many exciting opportunities in development.
“The team at FW Capital really supported our business growth plan. They were able to offer the funding we needed and were incredibly helpful and efficient to work with. We look forward to continuing our partnership with them in the future.”
Keith Charlton, senior investment executive at FW Capital, said: “MRT is a highly-profitable business with an established UK manufacturing facility and a global reseller and service network.
“With a skilled and dedicated senior management team, MRT has strong levels of ongoing recurring revenue and clear, well-constructed strategic growth plans to expand the business organically, as well as selling into new markets with new products.
“We are pleased that MRT have chosen FW Capital as their investment partner at this exciting time.”
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