Covol Engineering wins £300,000 investment for growth
A new Teesside-based engineering company is looking to the
future with confidence after securing an investment package of
Covol Engineering, based in Billingham, has secured £200,000,
made up of £50,000 equity and a £150,000 loan, from UK Steel
Enterprise, the Tata Steel business-support subsidiary, and
£100,000 from NPIF- FW Capital Debt Finance, managed by FW Capital
and part of the Northern Powerhouse Investment Fund.
The consultancy, incorporated at the beginning of the year, is
already working with blue-chip companies across sectors that
include oil and gas, manufacturing, food and power.
With an 11-strong team highly skilled in electrical, control and
instrumentation engineering, the projects include facility design,
improvement of existing plants and engineering consultancy to
ensure companies are compliant with regulations.
Covol Engineering is forecasting orders of around £700,000 in
its first year and aims to double both turnover and its team in the
Managing Director Jeremy Gadd has been able to draw on his wide
experience of working in senior management on international and
major projects in the sector including time with Lucite
International, Vertellus Specialities and, more recently, GSE
“We have already put together a team of engineers with the high
level of skills and international engineering experience that we
need at Covol and are confident that we will be adding to that
number very soon,” he said. “We already have a number of existing
connections with blue-chip companies but have ambitious plans to
grow both at home and in the global market.
“The investment package from UK Steel Enterprise and NPIF-FW
Capital Debt Finance is allowing us to take the business
forward. It demonstrates that both investors share our
confidence in Covol’s potential for growth which is also welcome.
We are also grateful to the team at Archers Law in Stockton-
on-Tees who assisted Covol in setting up.”
Peter Taylor of UK Steel Enterprise, said: “This investment is
enabling a fledgling engineering company based in one of our steel
areas to pursue its well-thought out plans for expansion and create
valuable jobs for Teesside. We are very pleased to have been
able to put together an equity and loan package for Covol
Engineering and that we could work alongside FW Capital with this
Nicky Atkinson, Deputy Fund Manager, FW Capital, added: “The
impressive Covol management team has the experience and expertise
needed to grow the business further through the expansion of its
already-strong client base.
“We’re very pleased to be working with UK Steel Enterprise on
this investment and look forward to seeing Covol scaling up its
operations in the future.”