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A fabrication and engineering firm has secured investment to support it in joining a major mining project.
Francis Brown Ltd, based in Stockton, has received a six-figure sum from the £10m Tees Valley Catalyst Fund (TVCF), managed by FW Capital for the Tees Valley Mayor and Combined Authority.
The funding will enable it to fulfil its bond requirements for a contract worth in excess of £1m to fabricate 400 metres of mine shaft casings for Strabag AG at the Anglo American Woodsmith Mine project in North Yorkshire.
This is the second major contract that Francis Brown has secured in relation to the Woodsmith Project.
Jamie Brown, Francis Brown Ltd chief executive, said: "Despite the significant impacts of Covid-19, we continue to deliver excellent results and remain resilient in these uncertain times.
"Securing the backing of FW Capital and the Tees Valley Catalyst Fund enabled us to win this major contract on top of others, safeguard jobs and to continue to grow our business. We are grateful for the support."
Francis Brown Ltd was founded in 1903 and is now in its fourth generation of family ownership.
Tees Valley Mayor Ben Houchen added: "Francis Brown is a long-established and hugely respected company that works across some of our most important sectors. It’s fantastic that it has managed to secure this funding to give it the opportunity to join the huge Woodsmith Mine project."