Jobs boost for Hull tech firm thanks to six-figure funding

A tech company based in Hull is set to create 25 new jobs after securing six figure funding from NPIF - Mercia Debt Finance.

Tevalis, which specialises in electronic point of sale systems in the hospitality, leisure and gaming sectors, has secured a £350,000 loan from the fund, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.

Funded in 2003, Tevalis’ front-of-house payment technology technology is now installed in around 2,000 businesses, including the likes of Kew Gardens, Village Hotels, Sadler’s Wells Theatre and Hampton Court Palace.

James Cook, Tevalis managing director, commented: “The Mercia team made a big effort to get to know our business and worked very effectively to support us with growth capital when it was needed.

“The benefits can be seen in the growth of the business and the number of new jobs we have created over the past 18 months.

“We believe there are significant opportunities open to us, both in the UK and overseas, and this latest funding will allow us to pursue these.”

This latest loan marks the firm’s second tranche of funding from NPIF – Mercia Debt Finance. Since the first loan of £190k last year, Tevalis has increased turnover from £3.3m to over £6m and created almost 50 new jobs.

Paul Arthur, investment manager with Mercia, added: “We are delighted to be supporting the rapidly growing, innovative technology business with a second round of investment.

“Tevalis is continuing to invest in building its highly skilled team in Hull and the creation of so many high quality jobs is a material benefit to the local economy.”