NG engineers relocation deal for CWE
20th October 2014
NG Chartered Surveyors have helped a fast-expanding engineering firm move part of its operation into larger premises after it received £1.5m from the Foresight Nottingham Fund.
CWE Limited, a leading provider of safety-critical end-to-end engineering solutions for the Rail, Energy and Steel industries, has relocated part of its operation into a modern 9,600 sq ft unit at Woodlands Court at Shirebrook, Worksop.
The £1.5m from the Foresight Nottingham Fund provides CWE with development capital to drive growth and job creation in the years ahead. The business has grown steadily in recent years and, with new investment from the Fund to unlock additional capacity, the Company’s growth trajectory is forecast to accelerate. The deal represents one of biggest investment by the £40m Foresight Nottingham Fund, a dedicated regional growth fund administered by the Foresight Group, that has been created to support small and medium sized companies in Nottingham and Nottinghamshire.
NG Director, Jonathon Seddon, takes up the story: “We’ve been extremely pleased to have been able to help CWE realise their ambition to move into their new premises. From being instructed to identify and secure appropriate premises for CWE, we worked closely with their senior management team, culminating in them acquiring the unit on Woodlands Court on a leasehold basis.”
“We were working to a tight deadline as CWE needed to be operational in October, so it was imperative we quickly secured the right premises for the business in a location that worked for their existing staff. However, despite the time pressures, we made sure the job was done correctly, recommending that the client had a Schedule of Condition appended to the lease. This has proven to be wise as issues with the premises were highlighted and recorded which, whilst not materially impacting upon the use of the premises could have otherwise resulted in CWE incurring considerable end of lease costs, or dilapidations”.
“This was not a straightforward instruction to satisfy for NG, as there were numerous challenges and obstacles that needed to be overcome and it highlighted the advantage of having an experienced surveyor to plot a way through it all.”
With full ISO accreditation, CWE is a specialist in turn-key services, from design and manufacture to installation and maintenance. The company has 50 staff including a highly skilled team of certified inspectors, welders and engineers.
Chris Brown, managing director at CWE, says the move to Woodlands Court will allow the company to double its size over the next three or four years in line with its strategic objectives.
He says: “We are using the Foresight investment to deliver investment, growth and job creation across our business. We will also be looking for further acquisitions in our core markets.
“NG worked tirelessly to deliver this project on time in what was and is a competitive and scarce market in North Nottinghamshire. We are very pleased with the result.”
Charlotte Chapman at Gateleys provided legal advice on the deal.