Tool group sharpens growth ambitions with funding boost

Rachael Munro, investment executive at NEL Fund Managers, with Antony Gray, managing director at Renovo Tool Group

A County Durham tool manufacturing and reconditioning group is aiming to double its turnover after securing a multi-million-pound funding package.

Stanley-headquartered Renovo Tool Group has received a six-figure investment from NPIF II – NEL Debt Finance, managed by NEL Fund Managers as part of the Northern Powerhouse Investment Fund II (NPIF II).

The backing helped unlock a wider £1.6 million funding package from Reward Finance, alongside £100,000 of grant support from Durham Business Growth, delivered in partnership with County Durham-based business support firmUMi.

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