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.”