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SVELLA Invests In nmcn To Deliver Turnaround

SVELLA Plc, a privately funded investment vehicle set up to generate a COVID recovery fund to invest in solid businesses whose operations have been significantly impacted by the pandemic, has agreed terms with nmcn plc – a leading UK engineering and construction company.

SVELLA has entered into conditional agreements to provide funding to recapitalise nmcn and drive performance through a combination of management-focused strategic improvements and hands-on investment – protecting valuable skilled jobs and ensuring nmcn is best placed to thrive post-COVID.

nmcn has announced the conclusion of a refinancing arrangement whereby it will be fully recapitalised through an equity raise of between £24 million and £29 million and a new banking facility of £7.5 million - £8.5 million.

Under the arrangement agreed, nmcn will receive an immediate £10 million capital injection by way of a convertible bridging loan from SVELLA, that will convert into new ordinary shares on completion of the overall transaction. A further equity fund raising of up to £19 million will consist of £14 million from new investors, including SVELLA, who will consequently have a controlling stake in nmcn, and up to £5 million via an open offer to existing shareholders.

Andrew Tinkler, SVELLA Chairman, said: “Our investment in nmcn will provide much needed recapitalisation of the business to position it for future growth and power its COVID recovery.

“With a strong customer base, solid foundations and industry heritage, nmcn is a well-established business with a reputation underpinned by skilled and enthusiastic employees. There is a positive culture and work-ethic running throughout the business built upon the ethos of creating a positive impact across its core operations, ESG and wider community activities.

“As such, there are strong synergies with other businesses and sectors we have successfully invested in to deliver management focused strategic improvements and significant shareholder value.”

Lee Marks, recently appointed nmcn Chief Executive, said: “The last 18 months have been difficult for many individuals and many businesses. I would like to thank sincerely both our suppliers and customers who have worked with us through the challenges faced by both nmcn and the wider market.

“I joined nmcn in early May 2021 because I believed it was a company that was well positioned in its key markets and had the potential to successfully and profitably address the opportunities within them. I remain of that view and today’s news enables us to now look forward. With the appropriate financial foundations and support of our new investors in place, I look forward to leading the business into a new chapter.”



SVELLA Plc is an investment and acquisition vehicle set up to raise COVID-recovery funds and acquire controlling interests in underperforming businesses and assets.​ SVELLA is focused around serial entrepreneurs who have generated substantial shareholder return across companies at many different stages of development, driven by operational improvement, an unwavering focus on financial performance, hands-on investment and proactive management.

It invests in businesses which have growth potential in sectors where it has a proven track record, businesses which were once strong but have suffered recently, predominantly due to the COVID-19 pandemic.

About nmcn

nmcn Plc (TIDM: NMCN) is a leading engineering and construction company in the UK. Its talented 1,700-strong team offers multi-sector engineering and construction skills, technical innovation, design, and specialist fabrication.

It delivers major built environment and water industry projects across the UK - from buildings and highways to large-scale water networks and treatment plants. With its history dating back to 1946, nmcn now has 12 UK offices and three off-site manufacturing facilities.


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