INVESTMENT
TURBO-BOOSTING INVESTMENT
FW Capital visited Paralloy after its seven-figure investment . Pictured are ( from Left ), FW Capital ’ s Joanne Whitfield , Paralloy ’ s Robert McGowan , FW Capital ’ s Alex Gent , Paralloy ’ s Michael Dolan and Middlesbrough councillor John Kabuye .
Tees firm benefits from first investment using the £ 20m Teesside Flexible Investment Fund
FW Capital launched the £ 20m Teesside Flexible Investment Fund in 2024 , to tackle identified funding gaps in the region and assist economic growth .
The fund , launched with investment from the Teesside Pension Fund , is supporting economic development in Hartlepool , Middlesbrough , Stockton-on-Tees and Redcar and Cleveland through a mix of property development funding , contractrelated bond finance and finance to support management teams in buying a business . Funding packages of £ 100,000 to £ 3m are available .
The fund has now completed its first investment , with Teesside stainless steel alloy specialist and manufacturer Paralloy Group receiving a seven-figure loan .
The investment has helped Paralloy with its next stage of growth , facilitating activities that will generate new jobs locally and have a significant impact on the Teesside economy while meeting the increased demands from industrial markets and advances in new technologies .
Since the launch of its Billingham site in 1967 , Paralloy has specialised in the transformation of raw elements into worldclass products that power the syngas and ethylene industries .
Paralloy ’ s products are used for power generation and transportation for manufacturing and critical chemical industries .
Today Paralloy is a global business working across five sites in the UK , with headquarters in Billingham and a presence in Middlesbrough and Sheffield .
It is the third-largest operator in its field and doubled its workforce in the last five years to employ more than 500 people across the North-East and more than 1,000 globally . The firm was also awarded a 2024 King ’ s Award for Enterprise .
CEO Robert McGowan said : “ Paralloy is proud to be based in Teesside , employing local people and showcasing our local capabilities alongside our global presence .
“ We ’ re committed to driving economic growth and this is why we are working with FW Capital and the Teesside Flexible Investment Fund .
“ The investment has helped us with a recent acquisition and is allowing us to make a real impact and implement activities that will support the development of our work with hydrogen and downstream petrochemical projects .
“ The North-East is making a solid claim as a key player in the UK ’ s energy transition and we ’ re well positioned to support the next generation of industry and the fuels of the future .”
Joanne Whitfield , fund manager at FW Capital , added : “ It ’ s fantastic to complete the first deal under the Teesside Flexible Investment Fund .
“ We ’ ve been supporting businesses in Teesside for 13 years and Paralloy is a great example of how the finance from our new fund can help firms to scale up through acquisition , bringing new opportunities and jobs to the area .
If you want to find out how we can support your business , email info @ fwcapital . co . uk or visit fwcapital . co . uk
“ We have a longstanding relationship with Paralloy and this investment has been an opportunity for us to support their next stage of growth .
“ There ’ s a lot happening in Teesside and we ’ re thrilled to help unlock vital finance for local businesses with this new fund .
“ We are keen to talk to businesses across the region about their future plans and how we might be able to support them .”
The Teesside Flexible Investment Fund can be used for :
> Loans from £ 250,000 to £ 3m for residential and non-speculative commercial developments . Providing up to 100 % of build costs for suitable schemes with repayment terms available up to three years .
> Loans from £ 100,000 to £ 2m for contract-related bonds including advance payment guarantees , performance , warranty , highways and water authority bonds . Repayment terms are available of up to two years .
> Loans and equity investments from £ 250,000 to £ 3m for management teams seeking to own and run their own business . Investments are available between one and five years .
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