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Local engineering company sees boost with Start Up Loan

  • Tuesday, March 5, 2024
  • Posted By The Growth Company

Four entrepreneurs from Warrington - Ivor Jones, Stephen Duxbury, Paul Warburton, and Selwyn Jones - have successfully obtained a £75,000 Start Up Loan from GC Business Finance to kickstart their local engineering venture, Valvworx. This infusion of capital is poised to fuel job creation within the community.

With no prior business launch experience, the team diligently explored various funding avenues. Eventually, they chose the British Business Bank’s Start Up Loans program, allowing them to distribute personal loans and financial responsibilities among three of the co-founders. Acting as the national business support partner for Start Up Loans, GC Business Finance efficiently guided Valvworx through the loan process.

The loan was instrumental in acquiring crucial testing equipment for flow control and relief valves, pivotal for ensuring customer safety. Additionally, it facilitated the lease of a new workshop, which underwent fitting towards the latter part of 2023. Since its official inception in early 2024, Valvworx has already amassed orders exceeding £100,000 collectively, signalling a promising start.

The team harbours ambitious aspirations and intends to onboard apprentices while also aiming to secure contracts with the new carbon capture initiative in the North Sea. Ivor Jones said: “Since officially launching and trading in our primary service of valve overhaul and certification, our order book is filling rapidly and business is going well. As of last week, our test rig was delivered and commissioned, meaning we can now operate at an increased capacity, and meet customer’s needs better than before.”

Alex Mearns, Head of Startup Lending at GC Business Finance, said: “Valvworx provides a perfect example of what the Start Up Loans programme is all about – encouraging entrepreneurship, helping start-ups to survive, and breaking down the barrier that is accessing finance. Ivor, Stephen, Paul and Selwyn have been able to secure a local trade and have ambitions to train new apprentices, and we wish them all the best when they open soon.”