Cramlington offshore specialist secures £1.9m Tees Valley Catalyst Fund loan
Cramlington-headquartered Techflow Marine has secured a £1.9m loan from the Tees Valley Catalyst Fund, to finance the bonding it needed to complete contracts for some of the world’s largest companies including, Korean giants Samsung Heavy Industries, Daewoo and Hyundai.
The offshore and marine systems specialist designs and manufactures specialist fluid transfer and storage equipment for the oil and gas and offshore sectors.
FW Capital worked closely with Barclays and UK Export Finance to structure the funding package for Techflow Marine.
The Tees Valley Catalyst Fund was conceived by Tees Valley Unlimited (TVU), the Local Enterprise Partnership for the Tees Valley to provide companies in the Tees Valley with the finance to grow and prosper. In October 2015 the fund was widened to businesses across the North East and in parts of North Yorkshire.
While Techflow Marine carries out most of its manufacturing, assembly and testing at its 182,000 sq ft UK manufacturing facility in Cramlington, it is a global operation utilising sub-contractors in China, Singapore, Brazil, Korea and the USA.
Graham Clark, Techflow Marine’s Finance Director, said: “We established Techflow Marine over 10 years ago as a specialist provider to the oil and gas and offshore sectors and today we supply the major players in those industries. We’ve won some significant contracts over the last few years which has cemented our reputation and helped us to win more business.
“The expansion of the Tees Valley Catalyst Fund came at the right time for us. We regularly bid for work globally and increasingly we’re being asked to provide performance and warranty bonds. Securing this funding from FW Capital was a vital part of winning this Far Eastern contract.”
The company is currently bidding for a number of additional contracts and expects to boost its skilled fifty-strong workforce the North East in the near future.
FW Capital Investment Executive Nicky Atkinson made the loan to Techflow Marine. She said: “Techflow Marine is a leader in its field known for its innovative products, technical expertise and high quality service. The company is going from strength to strength, bidding for exciting new international contracts and really ‘flying the flag’ for the North East.
“FW Capital is pleased to have joined forces with Barclays and UKEF to come up with a funding package that has enabled Techflow Marine to finance bonds it needs to complete future and current contracts. It’s now well placed for future growth.”
TVU’s Managing Director, Stephen Catchpole said: “In establishing and developing the Catalyst Fund our aim was to support the growth of local businesses and facilitate a stronger presence in the international market place. Innovation and advanced manufacturing remains at the heart of the North East, we congratulate Techflow Marine on its global success and encourage other companies to seek the expansion opportunities that may be open to them.”
Barclays Relationship Director, Lesley Telford who first introduced Techflow Marine to FW Capital, added: “Barclays has supported Techflow Marine for a number of years, and we understand the importance of ensuring they get the most appropriate financial support for their continued growth. Working with both FW Capital and UKEF will provide a real boost for the company and will help secure more new business for the future on the back of the partnership.”
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