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Evolution Valves, in Stockton, backed by UK Steel Enterprise
A VALVE maker aims to build on £1m work after receiving further investment.
Evolution Valves, in Stockton, has been backed by UK Steel Enterprise (UKSE), the Tata Steel business subsidiary.
Bosses have secured £74,750, which includes a £45,000 loan and a £29,750 grant from UKSE's access to finance scheme, set up with backing from the Government’s Regional Growth Fund.
The company, founded four years ago, completed deals worth £1m in January, and supplies valves to the oil and gas, chemical, pharmaceutical and marine sectors, with clients in Middle-East, North and South America, Africa and Europe.
It also moved into a new factory to bring more manufacturing work in-house, and expects to add to its seven-strong workforce this year.
UKSE gave Evolution a £50,000 loan in 2011. Peter Cone, Evolution director, said: “We have exceeded all forecasts, trebling our business year-on-year, and our success is largely to the decades of expertise, experience and contacts we have in this sector.
“Our expertise means designs can be produced in days rather than weeks.
“The grant element of this second UKSE 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 the business.
“It is not always easy, as a young company, to meet the criteria for financial support, but UKSE understands the needs of small and medium-sized businesses.”
Sarah Thorpe, UKSE's regional executive, added: “Evolution is a relatively new company with great potential and we are pleased we could help with a second investment.”