Process Control Equipment Ltd (PCE), the Thornaby-based valve manufacturer, has secured a performance bond loan worth £1.1 million from a £10 million fund spearheaded by the Tees Valley Unlimited local enterprise partnership (the Tees Valley Catalyst Fund). The company, which also has operations in Scotland, Spain, the Netherlands and Germany, will use the money to help it complete three contracts worth more than £10 million.

PCE managing director Barry Jackson (pictured left) said: “This fund is a boon for businesses, as it opens up opportunities and removes barriers. It means that we have not had to tie up a substantial amount of our working capital; as a result, we will be able to be more adventurous and ambitious when bidding for future work.”

Stephen Catchpole (pictured centre), managing director of Tees Valley Unlimited, said: “This first investment shows how a trail-blazing scheme that we developed to fulfil a pressing business need can make a tangible difference to Tees Valley companies. We are committed to helping overcome barriers that prevent local companies from securing work that allows them to grow, take on new staff and expand their customer base.”