North East offshore and marine engineering company secures £1.9m Tees Valley Catalyst Fund loan
Offshore and marine systems specialist, Techflow Marine has
secured a £1.9 million loan from the Tees Valley Catalyst Fund to
finance the bonding it needed to complete contracts for some of the
world’s largest companies including, Korean giants Samsung Heavy
Industries, Daewoo and Hyundai.
FW Capital worked closely with Barclays and UK Export Finance to
structure the funding package for Techflow Marine.
The company, which is headquartered in Cramlington, designs and
manufactures specialist fluid transfer and storage equipment for
the oil and gas and offshore sectors.
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. In October 2015 the fund was widened to
businesses across the North East and in parts of North
While Techflow Marine carries out most of its manufacturing,
assembly and testing at its 182,000 sq ft UK manufacturing facility
in Cramlington, it is a global operation utilising sub-contractors
in China, Singapore, Brazil, Korea and the USA.
“We established Techflow Marine over 10 years ago as a
specialist provider to the oil and gas and offshore sectors and
today we supply the major players in those industries. We’ve
won some significant contracts over the last few years which has
cemented our reputation and helped us to win more
“The expansion of the Tees Valley Catalyst Fund came at the
right time for us. We regularly bid for work globally and
increasingly we’re being asked to provide performance and warranty
bonds. Securing this funding from FW Capital was a vital part
of winning this Far Eastern contract.” explained Graham Clark,
Techflow Marine’s Finance Director.
The company is currently bidding for a number of additional
contracts and expects to boost its skilled fifty-strong workforce
the North East in the near future.
FW Capital Investment Executive Nicky Atkinson made the loan to
Techflow Marine. She said: “Techflow Marine is a leader in
its field known for its innovative products, technical expertise
and high quality service. The company is going from strength
to strength, bidding for exciting new international contracts and
really ‘flying the flag’ for the North East.
“FW Capital is pleased to have joined forces with Barclays and UKEF
to come up with a funding package that has enabled Techflow Marine
to finance bonds it needs to complete future and current contracts.
It’s now well placed for future growth.”
TVU’s Managing Director, Stephen Catchpole said: “In
establishing and developing the Catalyst Fund our aim was to
support the growth of local businesses and facilitate a stronger
presence in the international market place. Innovation and advanced
manufacturing remains at the heart of the North East, we
congratulate Techflow Marine on its global success and encourage
other companies to seek the expansion opportunities that may be
open to them.”
Barclays Relationship Director, Lesley Telford who first
introduced Techflow Marine to FW Capital said; “Barclays has
supported Techflow Marine for a number of years, and we understand
the importance of ensuring they get the most appropriate financial
support for their continued growth. Working with both FW Capital
and UKEF will provide a real boost for the company and will help
secure more new business for the future on the back of the
FW Capital also manages the North East Growth Plus Fund and has
offices in Newcastle and Billingham.