£200,000 Tees Valley Catalyst Fund loan helps Copperchase win $6 million oil refinery contract
A Cramlington-based company has won a $6 million contract with
Hyundai Engineering & Construction to construct a new security
fence for an oil refinery in Karbala, Southern Iraq.
Copperchase Ltd (Copperchase) used a £200,000 loan from the Tees
Valley Catalyst Fund, which is managed by FW Capital, to secure the
performance bond it needed, from Lloyds Banking Group.
The company has already worked with large engineering and
construction companies in the Middle East, United Arab Emirates and
South Korea and hopes this latest contract will open the door to
further contracts in the region over the next 5 years.
“We were pleased to win the Karbala refinery contract which will
hopefully lead to even more work in the region. We’ve won a
number of significant projects in recent years, but this is our
largest to date and the Tees Valley Catalyst Fund loan was vital in
helping us to fund the performance bond we needed.
“We believe this contract will really showcase our technical and
project management capabilities and be the springboard we need to
win even larger contracts in future,” explained Copperchase
Director, Paul Boydell.
The Tees Valley Catalyst Fund was conceived by Tees Valley
Unlimited (TVU), the Local Enterprise Partnership for the Tees
Valley to provide companies in the Tees Valley with the finance to
grow and prosper.
Last October access to the fund was widened to businesses across
the North East and in parts of North Yorkshire.
TVU’s Managing Director, Stephen Catchpole said: “The award to
Copperchase demonstrates how the Catalyst Fund unlocks business
opportunities and enhances a company’s ability to secure
significant contracts and deliver growth.”
Originally specialising in air traffic control systems,
Copperchase became global market leader in the niche Air Traffic
Control sector before diversifying to take advantage of new
opportunities in emerging markets.
It set up its Middle-East projects business to take advantage of
opportunities in construction and infrastructure, and has quickly
built up its presence in the region.
FW Capital Investment Executive, Chris Johnson worked with
Copperchase to provide the short-term loan. He said:
“Copperchase has really expanded its overseas presence since it was
first established in 1990. In recent years, the team has set up the
company’s Middle-East offices to take advantage of opportunities in
emerging markets like Iraq.
“We’re delighted to provide them with the financial backing needed
to deliver this contract. Copperchase has a great deal of
experience with large global engineering and construction companies
and is an excellent example of a North East company making its mark
on the world map. This contract has the potential to boost
Copperchase’s prospects significantly.”
Copperchase operates from its headquarters in Cramlington,
Northumberland with offices in Poole, Dorset, The United Arab
Emirates and South Korea.