21/06/2017

FW Capital performance bond helps Wilton Engineering win Hornsea One contract

Wilton Engineering (Wilton) has been awarded an £11 million contract to deliver 20 transition pieces for Steelwind, based in Germany. The project is part of Hornsea One, being developed by DONG Energy, which will be the largest offshore wind project in the UK. The contract has been supported by a performance bond loan from the Tees Valley Catalyst Fund managed by FW Capital. 

Wilton is based in Middlesbrough and currently employs 91 staff. The company are looking to create 60 more jobs in the Teesside area over the next 12 months.

Bill Scott, Managing Director at Wilton said: “We are extremely pleased to secure capital bonding through FW Capital, which allows the company to take on further International business within the offshore wind industry.

“From our initial enquiry to completion the team at FW Capital were fully engaged, dedicating their expertise to our needs. The speed of response was great and I wish to thank the team for going beyond the call of duty to deliver a very successful outcome.”

“Wilton are an ambitious company who are successfully diversifying from oil and gas into the renewables market,” added FW Capital Investment Executive Allison Routledge who structured the deal. “We were pleased to be able to support them with a bond facility to help them win this contract, the second time we’ve been able to offer this finance option to the company.”
 
Paul Booth, chair of Tees Valley Local Enterprise Partnership, said:  “This is fantastic news for Wilton engineering and for the economy of the Tees Valley.  Many established and ambitious Tees Valley businesses have the technical expertise to bid for large new contracts, but having to provide substantial financial guarantees can hinder that process.
 
“We set up the Tees Valley Catalyst Fund, under the management of FW Capital, to overcome that obstruction.  The success of Wilton Engineering shows the importance of the Fund in helping to secure our position in export markets around the world.”