Teesside-based engineering firm Avenium Engineering Ltd, previously known as Prosafe, has received a £225,000 investment from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Avenium designs, supplies, installs and maintains process safety systems for the oil and gas, petrochemical, processing and energy industries across the world.
Established three years ago, the company has a team of highly skilled engineers who provide bespoke solutions to major blue chip clients to optimise production, reduce down-time, reduce risk and contribute to an overall safer, more productive asset.
The firm recently moved into new premises in Middlesbrough and now has 1,500 sq-ft of combined warehousing, office, and recreational space.
The FW Capital funding will be used to facilitate the growth and development of the business in the new premises. Up to four new jobs will be created as the firm looks to make key appointments.
Steve Teasdale, Investment Executive at FW Capital, said: “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.”
Avenium Engineering Managing Director, Greg Hynes, said: “It was a pleasure to work with Steve and 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.
“Almost immediately after receiving the funds from FW Capital we implemented our growth strategy, created one full time position, and introduced a new product range to the business. I’m very optimistic about the future and looking forward to developing the business, and creating opportunities in our region.”
Ben Houchen, Tees Valley Mayor, said: “Our region is a world-renowned centre of excellence for the chemicals, engineering, and processing industries, with some of the world’s biggest companies having a presence here. So it’s no surprise that Avenium Engineering has rapidly become a world-leader in its sector serving global bluechip companies from its Middlesbrough HQ.
“In the last 18 months NPIF has invested £10 million in 32 local companies, and I’m pleased to see yet another Teesside company being supported, supporting and creating good quality, well-paid jobs for local people in Teesside.”
Mark Wilcockson, Senior Manager at British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to unlock the Tees Valley’s growth potential by supporting small growing businesses with vital investment.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.