The business
Founded in 1995 by director Chris Norman, ISTL Engineering has grown from a labour provider into a full-service mechanical and electrical contractor serving clients across Wales and the South West of England.
With more than 30 years of sector experience, the company has worked on over 7,000 apartments and delivered 500 residential units in the past two years alone. Based in South Wales, ISTL Engineering has built a strong reputation for reliability, quality and long-term relationships within the construction sector.
Employing 40 staff directly and supporting more than 100 subcontractors, the business combines technical expertise with a culture built on steady, responsible growth.
The challenge
In 2025, ISTL Engineering secured a major new contract at Channel View in Cardiff Bay, delivered by Wates Construction under its framework agreement with Cardiff Council.
The project involves the construction of two residential blocks comprising 24 and 102 apartments respectively, with work running through to late 2027. Securing the contract represented a significant milestone for the business – but it also required additional infrastructure and financial support to maintain working capital.
Rather than tying up its own capital, ISTL sought external funding to ensure it could protect cash flow while continuing to invest in future growth opportunities.
As a long-standing customer of the Development Bank of Wales and its predecessor Finance Wales, ISTL Engineering turned once again to what has become a trusted funding partner.
The solution
ISTL Engineering secured a six-figure loan from the Investment Fund for Wales, delivered by FW Capital, part of the Development Bank of Wales Group .
The funding was accessed via the Development Bank’s new digital application portal — part of its wider digital transformation programme designed to make it faster, easier and more cost-effective for businesses to raise capital.
Using the online platform, ISTL completed its application and drawdown in just three weeks. The digital process enabled the business to upload documents securely, track progress in real time and communicate efficiently with the investment team — minimising disruption and allowing management to focus on delivery.
For a growing contractor operating within tight project timelines, speed and clarity were critical. The streamlined digital journey provided both.
The impact
The investment has enabled ISTL Engineering to:
- Secure a strategically important contract in Cardiff Bay
- Protect working capital while meeting contractual obligations
- Creation of 10 new jobs
- Strengthen capacity for future phases and similar large-scale projects
Beyond the immediate project, the funding reinforces a long-term partnership built over 15 years and five rounds of support. Continued access to finance, coupled with commercial discipline and scrutiny, has helped ISTL grow sustainably rather than overextend.
The Development Bank’s approach combines relationship-led support with commercial rigour. Each funding round is assessed carefully to ensure the business plan is robust, risks are understood and growth remains achievable.
For ISTL Engineering, this balance of trust and challenge has supported consistent expansion without compromising stability.
The founder says
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.”
Looking ahead
With funding in place, ISTL Engineering is focused on delivering its growth plans while maintaining the quality and reliability that underpin its reputation. The investment provides the business with the working capital required to support larger contracts and manage project delivery effectively.
The continued backing provides stability as the company scales, ensuring it has the financial structure in place to meet customer demand while operating with commercial discipline. By combining access to capital with ongoing strategic support, the business is well positioned to build on its existing strengths and pursue sustainable, long-term growth.
Kelly Jones, Portfolio Executive at the Development Bank of Wales, said: “ISTL Engineering is a strong example of how continued support, combined with commercial discipline, can help a business scale sustainably over the long term.
“Our digital transformation programme is designed to improve access to capital for Welsh businesses, making the process more transparent, efficient and customer focused. For returning customers like ISTL, it provides a smoother journey from application to drawdown — ensuring funding is available when it’s needed to secure new opportunities.”
