Teesside engineering firm to grow team after securing six-figure funding

Teesside-based firm Avenium Engineering Ltd has secured a £225k investment from NPIF – FW Capital Debt Finance.

The funding, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF), will be used to grow the business, and follows the firm’s move to new 1,500 sq ft premises in Middlesbrough.

Avenium Engineering, which specialises in safety systems for the oil and gas, petrochemical, processing and energy industries, aims to create up to four new jobs as a result of the funding.

Avenium Engineering managing director, Greg Hynes, commented: “It was a pleasure to work with the FW Capital team.

“Our partnership means we were able to access the funds we needed to help implement our growth plan and further develop the business in our fantastic new premises.”

Steve Teasdale, investment executive at FW Capital, added: “Avenium Engineering is an established business with a strong blue chip customer base. The experienced management team has a clear vision for growth and development and is on track to more than double turnover.

“Our funding comes at an exciting time for the team and we are delighted to have been able to provide this support.”