Operating from its purpose-built, 24,000sq ft distribution facility in Cleckheaton, West Yorkshire, Cutwel specialises in supplying precision cutting tools and machine accessories to the engineering industry throughout the UK and Ireland.
Since founding the company in 1996, husband and wife Paul and Mary Hawksworth have invested in strengthening Cutwel’s sales and technical teams, increasing headcount to over 50 people and delivering year-on-year revenue growth from £6m to over £16m in the year to April 2018.
NorthEdge’s investment in Cutwel will support the company as it continues to scale its sales team with investment in recruitment and training. The company aims to double the headcount over the next four years and further drive sales across the SME market.
The deal was led by NorthEdge partner Andy Ball with support from Tom Rowley, director, and Nicola McQuaid, investment manager. Rowley will join the board in a non-executive capacity. Colin Stirling, former partner at Spirit Capital, has been appointed as non-executive chairman.
Says Cutwel GM Adam Gillard: "NorthEdge’s investment represents a key milestone for Cutwel. The team truly understands our values and has demonstrated a strong track record of supporting high-growth businesses.
“We are proud of what Cutwel has achieved over the past 20 years, combining great products with excellent customer service. This investment is the next step on that journey.We look forward to working with NorthEdge to further strengthen our team, grow our suppliers’ brands and continue the strong momentum our talented team has generated to date.”
NorthEdge was advised by GCA Altium, Womble Bond Dickinson, PwC (Joel Smith and Nicola Widdson) and CIL. Management was advised by Sentio and 3volution. Corporate finance advice was provided to the vendors by PwC. DLA Piper provided legal advice. Wheawill and Sudworth provided accounting advice.
