ISTL Engineering, a South Wales-based mechanical and electrical contractor, has secured a six-figure loan from the Investment Fund for Wales through FW Capital.
The loan will be used to support its work on significant new contracts in Cardiff Bay, creating 10 new jobs.
The investment will be used to fund infrastructure required for the company’s role on the Channel View residential project delivered by Wates Construction under its framework agreement with Cardiff Council. The scheme involves the construction of two Blocks, A & B, which consist of 24 & 102 apartments respectively. Work is already underway.
Founded in 1995 by director Chris Norman, ISTL Engineering has grown from a labour provider into a full-service mechanical and electrical contractor with more than 30 years’ sector experience. The company has worked on more than 7,000 apartments across Wales and the South West of England and, in the last two years alone, has successfully delivered 500 residential units. The business’ strong track record and reputation for reliability and quality have helped it win the Channel View contract and position itself for future growth.
Delivered by FW Capital, the Investment Fund for Wales is a British Business Bank initiative supporting smaller businesses across Wales with a range of finance options, including debt finance from £100,000 to £2 million.
FW Capital is part of the Development Bank of Wales Group. ISTL Engineering accessed the funding via the Development Bank’s new digital application process, allowing for a faster and more efficient application and drawdown, completed in just three weeks.
ISTL Engineering has been supported by the Development Bank of Wales, and its predecessor Finance Wales with five rounds of funding over the last 15 years.
Chris Norman, Director of ISTL Engineering, said:
“This loan has helped us secure a prestigious and strategically important project in Cardiff while protecting our working capital and giving us the headroom to focus on delivering for our clients. We see our workforce as one big family — that’s the ethos of our business. We’re driven by steady, responsible growth that puts our people and our clients first and always delivers on our commitments.
“Working with the Development Bank of Wales has been as great as ever. The new digital application process was straightforward and efficient, helping us get the funding we needed quickly and with minimal disruption so we could focus on winning this contract and supporting our team.”
The Channel View contract is expected to run until late 2027 and will support employment directly and through the wider supply chain. Together with the 10 new roles created for this project, the investment strengthens ISTL Engineering’s capacity to take on future phases and projects of a similar scale.
Kelly Jones, Portfolio Executive, said:
“ISTL Engineering is a testament to the long-term impact that sustainable finance and trusted relationships can deliver. We’ve supported the business through multiple funding rounds over many years, and this latest loan has helped the company secure a major new contract while creating jobs and reinforcing its strong position in the construction sector.
“We are also pleased that ISTL embraced our new digital application process. It illustrates how our evolving online platform can improve convenience, speed and transparency for returning customers — offering a smoother journey from application to drawdown so Welsh businesses can access the funds they need when they need them.”
Bethan Bannister, Senior Investment Manager, Nations and Regions Funds at the British Business Bank, said:
“The Investment Fund for Wales was established to support forward-thinking Welsh businesses like ISTL Engineering as they look to scale and continue to take on ambitious new projects.
“We hope this six-figure investment enables ISTL Engineering to build on its strong momentum and continue its growth journey.”
The Development Bank of Wales’ digital application portal is part of the organisation’s ongoing digital transformation, designed to provide 24/7 access to applications and enquiries, improved communication and status tracking, and a secure, user-friendly experience for customers. The online process allows businesses to save progress, upload documents at their convenience and stay informed throughout the application lifecycle.
