Member Article

Teesside valve specialists scoop second investment worth £75k

A Teesside firm of valve manufacturers have landed £74,750 of investment following demand for its products in the Middle East, North and South America and Africa.

Stockon-on-Tees-based Evolution Valves have the sum made up of a £45,000 loan and a grant of £29,750 from UKSE’s Access to Finance Scheme, set up with backing from the government’s Regional Growth Fund.

This is the second round of investment from UK Steel Enterprise, who first backed the company with a loan of £50k.

Director Peter Cone, who set up Evolution Valves with fellow director Steve Heap, said “Since we started we have exceeded all forecasts, trebling our business year on year.

“We believe our success is due largely to the decades of expertise, experience and contacts that we have in this sector. Our expertise means that designs can be produced in days rather than the usual weeks.

“The grant element of this second UK Steel Enterprise investment has been particularly helpful. This is our first significant grant, as opposed to loans, and we see it as a vote of confidence in Evolution Valves.

“It is not always easy, as a young company, to meet the criteria for financial support but UK Steel Enterprise understands the needs of small and medium sized businesses and operates accordingly. It has been extremely supportive and the investments are invaluable.”

The firm has completed £1 million of business in the first month of 2014, following a move into new premises on the St Anns Industrial Estate in Stockton - which allowed it to bring manufacturing in house.

Sarah Thorpe, regional Executive for UK Steel Enterprise, said: “Evolution Valves is a relatively new company with great potential and we are pleased we could help with a second investment package.

“The management team has a wealth of experience and expertise, the company has an impressive order book and is establishing a solid reputation both here and abroad.”

This was posted in Bdaily's Members' News section by Tom Keighley .