Paralloy forging ahead after securing funding

A Teesside-based manufacturer says it is set to accelerate growth and create jobs following significant investment.

Paralloy Group, known for stainless steel alloys, has secured a seven-figure loan from the Teesside Flexible Investment Fund.

Bosses say the investment, managed by FW Capital with backing from the Teesside Pension Fund, will support Paralloy’s “next phase of growth” and ensure it is “well positioned” to meet rising demand.

They add it will generate new jobs and help the firm seek “new project wins with several exciting local opportunities”.

Robert McGowan, Paralloy chief executive, said: “We are proud to be based in Teesside, employing local people and showcasing our local capabilities alongside our global presence. 

“We’re committed to driving economic growth and this is why we are working with FW Capital and the Teesside Flexible Investment Fund.

“The North East is making a solid claim as a key player in the UK’s energy transition, and we’re well positioned to support the next generation of industry and the fuels of the future.”

Alex Gent, FW Capital senior investment executive, added: “We have a long-standing relationship with Paralloy, and this investment has been an opportunity for FW to support their next stage of growth. 

“As Teesside looks to lead the way with decarbonising industry through initiatives such as Net Zero Teesside and the work of the East Coast Cluster, having a company such as Paralloy operating locally with its market-leading technologies in this sector is a real asset to the region.” 

Founded in 1967 and headquartered in Billingham, Paralloy, which was awarded a 2024 King’s Award for Enterprise, produces high-performance castings for industries including power generation and transportation. 

Now operating across five UK sites, the company has doubled its North East workforce in the last five years, employing more than 500 people locally and 1000 globally. 

Richard Butts and Imogen Holland, of Ward Hadaway, advised on the deal, along with Freeths' Dahren Naidoo.

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