Member Article

Northumberland manufacturer repays Tees Valley Catalyst Fund

Northumberland-based company WM Coulthard has fully repaid an advanced payment guarantee loan from the Tees Valley Catalyst Fund managed by FW Capital.

The investment allowed the company to successfully bid on three contracts worth more than £2.2 million.

Founded in 1888, WM Coulthard designs and manufactures bespoke industrial lubrication systems for a variety of clients.

“Thanks to FW Capital we were able to secure a number of high profile contracts,” said WM Coulthard’s Managing Director Eric Dodd.

“The boost given by the Tees Valley Catalyst Fund loan helped us win these contracts, which were for leading international customers supplying rotary equipment to the oil and gas industry. This has safeguarded a number of jobs in 2015/2016.”

“WM Coulthard is a well-established company with ambitious growth plans,” said Nicky Atkinson, the FW Capital Investment Executive who structured the deal. “They had a great business plan and successfully tendered for three substantial contracts with our assistance.”

The £10million Tees Valley Catalyst Fund, managed by FW Capital, offers short term investments to North East businesses to fund warranty bonds, performance bonds and advanced payment guarantees. Loans are offered between £100,000 and £2million.

The Tees Valley Catalyst Fund was conceived by Tees Valley Combined Authority and the Tees Valley Local Enterprise Partnership and is backed by the Regional Growth Fund. In October 2014 the fund was widened to businesses across the North East and parts of North Yorkshire.

WM Coulthard was introduced to FW Capital by Barclays bank.

“It’s great to see an already established business continue to develop and grow in their specialist market,” added Karen Gant from Barclays.

“This structure means that the company is well placed to maximise opportunities in the sector and illustrates our approach of collaborating with other local funders in order to provide support for businesses in the area.”