Barrier Group secures ‘significant’ investment amid plans to reach £100m turnover

The North East industrial services business says it is experiencing a big growth cycle.

Tyneside protective coatings, offsite construction and fire protection specialist Barrier Group has secured investment to fuel its growth ambitions.

The £51m turnover Wallsend-based firm, which also has bases in Billingham and Vancouver, is hoping to reach £100m turnover through a five year strategy that has recently seen it consolidate individual companies into one business. Now, the 50 year-old firm has secured “significant” backing from FW Capital and Lloyds which will be used to service a number of new, major contract wins in the renewables sector and expand its 132-strong team.

FW Capital’s investment has come from the £35m Elevate Fund alongside NPIF II – FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II. The Elevate Fund was launched in October last year and is part of the North East Fund’s investment programme.

Meanwhile Lloyds has provided a UK Export Finance-backed bonding line to support export contracts with global engineering names such as Hitachi and Siemens, alongside a Growth Guarantee Scheme facility designed to support Barrier’s pipeline.

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, said: “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.”

John Turnbull, relationship director at Lloyds, said: “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.”

Barrier Group began in the 1970s with major offshore contracts, before the launch of Barrier Fire Protection in the 1990s, Barrier Architectural in 2012 and Barrier Marine Services in Canada in 2020. Having been once reliant on oil and gas, the business has diversified into shipbuilding, petrochemicals, construction and renewable energy.

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