FW Capital Tees Valley Catalyst Fund unlocks £193m worth of contracts
Since its launch, the Tees Valley Catalyst Fund has unlocked
contracts for local businesses across the North East worth more
than ten times the loan value, according to the latest
Managed by FW Capital, the Tees Valley Catalyst Fund has
invested £16.8m, helping firms win £193m of business in total.
The pioneering £10million fund is designed to help companies bid
for work and is backed by the Government’s Regional Growth Fund. It
provides loans for Performance and Warranty bonds and Advance
Payment Guarantees, which provide a financial guarantee to a client
that a supplier will deliver on time and to standard.
FW Capital figures show around 75% of the fund investment to
date has helped manufacturing and construction businesses bidding
Of this investment, around £9m has been provided to companies
delivering renewables, oil and gas, and energy contracts.
Now FW Capital is urging more companies in these industries to
come forward to take advantage of the fund, which can help firms
successfully tender for lucrative contracts.
One business to benefit is Thornaby-based Process Control
Equipment Ltd (PCE), which has recently completed a multi-million
euro contract in Spain.
PCE, which specialises in the supply of industrial valves,
actuators, instrumentation, tubing and fittings for the, oil, gas
and petrochemical industries, secured a £300,000 loan from the Tees
Valley Catalyst Fund in 2018.
The project, which involved building a new part of a major
Spanish oil refinery, was successfully completed six months
FW Capital has long been an investment partner of PCE. In 2014,
it became the first company to benefit from the fund when it was
awarded a performance bond loan worth £1.1 million to
enableenabling it to secure three significant contracts worth in
excess of £10million.
Winning these PCE’s successful tenders saw it workPCE work on
the multibillion-dollar Sadara project, comprising the construction
and operation of a world-scale integrated chemicals complex in
The FW Capital funding helped the business, which has
operational bases in Teesside, Liverpool, London, Scotland, Spain,
Holland and Germany, to achieve significant turnover and headcount
Ben Williamson, Finance Director at PCE, said: “This was a huge
project and it wasn’t straight forward but FW Capital worked with
us to help shape the funding to the project requirements.
“The FW Capital team is very pragmatic to work with. They are
friendly, approachable, and have a great can-do attitude. We’re
very grateful to them for their continued support.”
Tees Valley Mayor Ben Houchen said: “This is a fantastic fund
that is helping companies in the Tees Valley win business - helping
to build the high growth, high wage, low welfare economy we all
want to see. Since the launch of the fund there’s been zero
defaults, this shows the excellent ability of local companies to
deliver contracts on time.
“In the last year a host of offshore and renewable energy companies
have announced major investments in our region, transforming the
Tees Valley into a centre of excellence for these sectors.
“The fact that over 50% of the companies making use of the fund are
delivering renewables, oil and gas, and energy contracts shows how
important these sectors are to our economy.
“I would encourage any company that thinks the fund might be able
to help them secure more business to apply right away.”
Allison Routledge, Investment Executive at FW Capital, said:
“These latest figures show how the Tees Valley Catalyst Fund is
backing local businesses to win major contracts worth around ten
times the value of the loan. We would urge any companies that would
like to discuss funding to get in touch to see how we can help
“We are delighted to support PCE in the successful completion of
this major new contract. We’ve built a successful relationship with
the team which is testament to our long-term approach of working
with the businesses we support.”