Funding fuels Barrier Group's expansion plans

An industrial services firm is accelerating its expansion after securing funding to support new contracts and diversification into the renewable energy sector.

Barrier Group, headquartered in Wallsend, North Tyneside, has received backing from FW Capital and Lloyds to drive the next phase of its growth.

The firm delivers industrial services including modular construction, passive fire protection and protective coatings, working across sectors such as offshore and onshore power generation, marine, petrochemical and oil and gas.

Now celebrating its 50th anniversary, the company also operates from sites in Billingham and North Vancouver, having recently consolidated its activities into one integrated business as it continues to pursue international growth.

Funding from FW Capital has been delivered through the £35 million Elevate Fund, alongside NPIF II – FW Capital Debt Finance, part of the Northern Powerhouse Investment Fund II. 

Bosses say the investment will support the company as it builds on a series of recent contract wins, including projects linked to the fast-growing offshore wind sector.

David Alderson, financial director at Barrier Group, said: “We’re experiencing a big growth cycle and it’s important that we have the right partners to support us. 

“Our work now spans a wide variety of sectors, from offshore and onshore power generation projects, marine, petrochemical and we’re increasingly building our presence in renewables. 

“The support from Lloyds and FW Capital is giving us the confidence to take on new projects, invest in our people and expand the business at pace. 

“With this backing, we’re well placed to deliver on a growing pipeline of opportunities and strengthen our position in the market for the long term.”

Dave Hawkins, portfolio executive at FW Capital, added: “Barrier Group are experiencing impressive growth and is one of the many successful North East businesses we are proud to support. 

“They’ve secured some exciting new contracts to design and build modular structures for wind farms and cladding on some new renewable energy projects. 

“Our finance is helping fulfil these and support their continued growth journey in the UK and beyond.”

Lloyds has also provided a UK Export Finance-backed bonding line to underpin export contracts with global engineering firms such as Hitachi and Siemens, alongside a Growth Guarantee Scheme facility to support rising turnover and a growing pipeline of work.

John Turnbull, relationship director at Lloyds, added: “Barrier Group are a great example of how local businesses are embracing the opportunities in the renewable energy sector. 

“Their expansion is not only bringing investment and jobs to the North East, but also strengthening the region’s role in the UK’s green economy. 

“Our support for Barrier Group reflects our wider commitment to the region – including the £1 billion of new finance we’re making available for businesses across the North East – alongside our partnership with the North East Combined Authority and the Office for Investment to unlock private sector funding in the region.”

Jason Hobbs, chief executive of North East Fund, added: “It’s great to see Barrier Group capitalising on our Elevate Fund to support their ambitious expansion plans. 

“This is exactly what the fund is designed to do: create jobs, bring investment into the region and stimulate the growth of key sectors in our economy.”

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