Covol Engineering secures funding package

Posted on 09 May 2018 and read 716 times
Covol Engineering secures funding packageA new engineering company is looking to the future with confidence after securing a £300,000 investment package. Covol Engineering, based in Billingham, has secured equity and a loan from UK Steel Enterprise, plus money from NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund.

The company, incorporated at the beginning of the year, is working with blue-chip companies in sectors that include oil and gas, manufacturing, food and power.

With an 11-strong team skilled in electrical, control and instrumentation engineering, its projects include facility design, improving existing plants and engineering consultancy to ensure that companies are compliant with regulations.

It is forecasting orders worth around £700,000 in its first year and aims to double both its turnover and the size of its team in the second year.

Managing director Jeremy Gadd has been able to draw on his wide experience of working in senior management with Lucite International, Vertellus Specialities and, more recently, GSE Systems Ltd.

He said: “We have put together a team of engineers with the high level of skills and international engineering experience that we need.

“We already have a number of connections with blue-chip companies, and we have ambitious plans to grow both at home and in the global market.”

Peter Taylor of UK Steel Enterprise, said: “This investment is enabling a fledgling engineering company based in one of our steel areas to pursue its plans for expansion and create valuable jobs for Teesside.

“We are very pleased to have been able to put together an equity and loan package for Covol Engineering.”

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