FW Capital completes six-figure investment in 1st Group
Latest investment for North East Growth Plus Fund
Newcastle-based property management company 1st Group has secured a six-figure investment from the North East Growth Plus Fund, an investment vehicle designed to support fast-growing businesses in the north-east of England.
The investment was co-ordinated by FW Capital, which manages the Growth Plus Fund for North East Access to Finance. Law firms DWF and Ward Hadaway provided commercial advice.
Founded by Graham McIntosh and Chris Finney in 2009, 1st Group currently employs 15 staff, and boasts a client roster which includes high street banks, building societies and property investors.
Having established a solid basis, the company is now looking to embark on a period of growth. McIntosh said:
“We’ve been going for two and a half years, and in this time we have been consolidating in a fairly volatile market. We spent these years slowly building up the business to make sure all of our systems worked and that our proposition was exactly what we thought it was. We felt now was the right time to expand.
“We only use the people we think can provide the best service. We don’t have contracts with anybody. We appoint people on performance.”
Rob Jones, investment executive of FW Capital, said the company’s sector experience made it a prime candidate for investment. He added:
“We did a lot of due diligence about the team and how they were thought of in the market. The offering they have covers a wide range of services so they should be able to prosper.”