£1.6 million loan from the Tees Valley Catalyst Fund helps Newton Aycliffe company secure £15 million of new contracts
A market leader in undersea cable protection systems based in
Newton Aycliffe, is the latest North East company to secure funding
from the Tees Valley Catalyst Fund managed by FW Capital.
Tekmar Energy (Tekmar) has secured a £1.6 million loan to fund
the bonds required to secure contracts worth £15 million in the
offshore wind sector in the UK and Europe.
The company has grown rapidly in recent years by focusing on
innovative cable protection systems and earlier this year moved to
a new 75,000 sq. ft. manufacturing facility on Aycliffe Business
While Tekmar operates in a range of sectors, the offshore wind
and oil and gas sectors are a key focus and it has completed work
on a number of contracts with large European energy companies such
as Statoil, Statkraft and Dong Energy.
FW Capital worked closely with Barclays and the company’s
shareholders to structure a financial package to support Tekmar’s
Explaining the impact of the loan from the Tees Valley Catalyst
Fund on the company’s future, Sue Hurst, Tekmar’s Finance Director
said: “The Tees Valley Catalyst Fund has provided essential support
in our growth plans and our ability to take on new contracts.
We are regularly asked to provide performance bonds and warranty
bonds, particularly for our larger offshore wind contracts, and FW
Capital engaged with us, working with our bank and investors, to
provide essential support in securing this work.”
Tekmar has been designing and manufacturing bespoke cable
protection solutions for nearly 30 years. Today it has
well-established research and development capabilities and has been
‘first to market’ with products like TekLink and TekTube.
With the offshore wind sector set to provide massive
opportunities for companies in the North East in the coming years,
Tekmar hopes to build on recent successes and continue to act as
vanguard for the region.
Commenting on the investment FW Capital Investment Executive,
Chris Johnson said: “Tekmar is well-established business on an
exciting growth path. The company is a market leader with an
excellent reputation, innovative products as well as a wealth of
specialist knowledge and expertise.
“Tekmar operates in a sector with huge future potential and is
really is flying the flag for the North East. Winning these
contracts is excellent news for the company, its employees and
local suppliers. I’m pleased that the loan from the Tees
Valley Catalyst Fund has played a key role in this.”
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
Barclays Relationship Director, David Collins said; “Tekmar is a
market leader operating a state of the art manufacturing facility
to meet the needs of the changing oil and gas and renewables
industry. As they continue to secure contracts in both the UK and
overseas this deal has secured further growth and jobs for the
North East and we look forward to supporting the company as they
continue their growth strategy.
Tekmar has numerous ISO standards and prides itself on its high
service standards. It provides and complies with the highest
quality, environmental, health and safety