Tees valve specialists start 2014 with £1m of business and second steel investment

By published 26 February, 2014 No Comments

A Tees Valley valve company that has completed £1m of business in the first month of 2014 alone is set for further growth with the help of a second investment from UK Steel Enterprise.

Evolution Valves, set up just four years ago, has already established a strong world-wide reputation for its customised butterfly valves that meet the high safety and performance standards demanded by heavy industries including the oil and gas, chemical, pharmaceutical, power and marine sectors.

 (From left) Peter Cone and Steve Heap of Evolution Valves with Sarah Thorpe of investor UK Steel Enterprise

(From left) Peter Cone and Steve Heap of Evolution Valves with Sarah Thorpe of investor UK Steel Enterprise

Recent orders have come from the Middle East, North and South America and Africa as well as from across Europe, Scotland and the North East itself.  A move into new premises on the St Anns Industrial Estate in Stockton has given Evolution Valves the factory space it needs to move some of its manufacturing in-house.

UK Steel Enterprise, the Tata Steel business support subsidiary, backed the company with a loan of £50,000 in 2011. Now, the company has secured a second financial package of £74,750 which is made up of a £45,000 loan and a grant of £29,750 from UKSE’s Access to Finance Scheme, set up with backing from the government’s Regional Growth Fund.

“Since we started we have exceeded all forecasts, trebling our business year on year,” said Director Peter Cone who set up Evolution Valves with fellow Director Steve Heap. “We believe our success is due largely to the decades of expertise, experience and contacts that we have in this sector.   Our expertise means that designs can be produced in days rather than the usual weeks.

“The grant element of this second UK Steel Enterprise investment has been particularly helpful. This is our first significant grant, as opposed to loans, and we see it as a vote of confidence in Evolution Valves.

“It is not always easy, as a young company, to meet the criteria for financial support but UK Steel Enterprise understands the needs of small and medium sized businesses and operates accordingly.  It has been extremely supportive and the investments are invaluable,” he added.

Evolution Valves already operates stringent manufacturing and quality standards but bringing more of its manufacturing in-house will make it more cost and time-efficient, especially with new product lines.  The company has recently taken on a Design Manager and IT specialist and expects its current seven-strong team to reach double figures in the near future.

“We are seeing a growing demand for our specialist and bespoke products and are looking to the rest of 2014 and beyond with confidence,” said Peter Cone.

Sarah Thorpe, Regional Executive for UK Steel Enterprise, said: “Evolution Valves is a relatively new company with great potential and we are pleased we could help with a second investment package.  The management team has a wealth of experience and expertise, the company has an impressive order book and is establishing a solid reputation both here and abroad.”

Details of UK Steel Enterprise’s support for business from 01642 777 777 and  www.uksteelenterprise.co.uk. Evolution Valves is on 01642 671471 and at www.evolutionvalves.co.uk.

Business
You May Also Like
An equity finance package from UK Steel Enterprise helped chemical processing company Exwold Technology invest £1m in new technology. (From left) Managing Director Kevin Martin, Simon Hamilton of UK Steel Enterprise and Director James Robson.
One of the UK’s longest-established business support organisations, operating in three areas of the Northern region, has added its voice to the CBI’s call for more companies to consider equity ...
READ MORE
Budget Has Expanded
It is always a pleasant task to write about a local success story, particularly a business success story. Jim Parsons and his son John have again had to expand their ...
READ MORE
TOOTH WHITENING
Tooth whitening or bleaching is the most requested dental procedure in general dentistry today. Ancient Romans used urine and goats milk to whiten their teeth. Thankfully today we have a ...
READ MORE
InStyle steps up to help DIY SOS
Instyle the Conservatory Blinds Specialists from Stockton stepped in to help out at short notice!! DIY SOS: The Big Build is the BBC’s flagship DIY show; it attracts around 6 million ...
READ MORE
Sue Kirk of UK Steel Enterprise (left) with Tara Bartley, Managing Director of Accurate Drilling, in the company’s new workshop at the Innovation Centre in Redcar.
A specialist diamond drilling and cutting company based in Redcar is welcoming an increase in business for 2014 with a growing number of major contracts right across the UK. Accurate Drilling ...
READ MORE
Redcar Beacon brings a bit of seaside rock
As we move even closer to the launch of the Redcar Beacon this weekend to the public, we though we would highlight the businesses that are inside. The forth floor of ...
READ MORE
Get out of your bedroom…
...and GET into the Palace Hub! Are you working from home? Is your bedroom your office? Do you find it hard to focus? Do you need to take the next step? If ...
READ MORE
Take your first steps to STOPtober
They turn fingers yellow, teeth brown and lungs black and we all know cigarettes can cause fatal damage. When you smoke a real cigarette you increase the risk of Cancer, ...
READ MORE
Real Life Self-Defence Comes To Guisborough
As an 8th Dan instructor Mark Paterson has been teaching Jiyu-Jutsu in the area now, for quite some time, both in public classes and privately. Mark has also been teaching ...
READ MORE
Made With Love & Absolutely Babulous!
With the opening of the Redcar Beacon, we though we would highlight the businesses that are inside Redcar's newest attraction. On the fifth floor of the Redcar Beacon is the showroom ...
READ MORE
NORTH’S BUSINESSES BENEFIT FROM EQUITY FINANCE
Budget Has Expanded
TOOTH WHITENING
InStyle steps up to help DIY SOS
TARA’S CUTTING COMPANY HAS THAT DIAMOND SPARKLE
Redcar Beacon brings a bit of seaside rock
Get out of your bedroom…
Take your first steps to STOPtober
Real Life Self-Defence Comes To Guisborough
Made With Love & Absolutely Babulous!

Redcar Cleveland News

Sorry, the comment form is closed at this time.

Submit News


Recent News & Stories

See Rising Star Sunjay In Redcar

Young Folk and Blues Star, Sunjay, will be appearing at The Cutty Wren Folk Club, Redcar on Tuesday 15th March....

Follow The Latest News Stories And Sport With The New Website At The Local Answer

Check out the latest local community news and sport, and a brand-new online business directory for the Redcar area,...

Brilliant Second-Half Comeback From Priorymen

Jarrow Roofing 3, Guisborough Town 4 (Northern League Division One) Guisborough Town chalked up their third win of the season...

New Marske Community Group In January

New Marske Community Group have various activities and events at The Gleneagles Centre, Gleneagles Road, New Marske… – The...

Help on hand to stay warm this winter

Cleveland Fire Brigade is urging local residents to speak up if they need help to stay safe and warm...

Priorymen Please New Boss

Seaham Red Star 2, Guisborough Town 3 (Northern League Division One) Guisborough Town cemented their position in third spot in...


Mobile App




Facebook Twitter Flickr Group youtube Google Plus