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Copperchase secures Hyundai contract
3/27/2015
A Cramlington-based company has used a £200,000 loan to help secure a $6m (£4.1m) contract with Hyundai Engineering & Construction to construct a new security fence for an oil refinery in southern Iraq. Copperchase used the Tees Valley Catalyst Fund loan, which is managed by FW Capital, to secure the performance bond it needed from Lloyds Banking Group. The company has already worked with large engineering and construction companies in the Middle East, United Arab Emirates and South Korea and hopes this latest contract will open the door to further contracts in the region over the next five years.
Copperchase director Paul Boydell said the contract win is the company's largest to date, adding that the Tees Valley Catalyst Fund loan was "vital" in helping it to fund the performance bond.
"We believe this contract will really showcase our technical and project management capabilities and be the springboard we need to win even larger contracts in future," he added.
The Tees Valley Catalyst Fund was conceived by Tees Valley Unlimited (TVU), the Local Enterprise Partnership for the Tees Valley, to provide companies in the area with the finance to grow and prosper.
Last October access to the fund was widened to businesses across the North East and in parts of North Yorkshire.
TVU's managing director Stephen Catchpole said Copperchase's contract win demonstrates how the fund "unlocks business opportunities and enhances a company's ability to secure significant contracts and deliver growth".
FW Capital investment executive Chris Johnson worked with Copperchase to provide the short-term loan.
"Copperchase has really expanded its overseas presence since it was first established in 1990," he said. "In recent years, the team has set up the company's Middle-East offices to take advantage of opportunities in emerging markets like Iraq.
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3/27/2015
A Cramlington-based company has used a £200,000 loan to help secure a $6m (£4.1m) contract with Hyundai Engineering & Construction to construct a new security fence for an oil refinery in southern Iraq. Copperchase used the Tees Valley Catalyst Fund loan, which is managed by FW Capital, to secure the performance bond it needed from Lloyds Banking Group. The company has already worked with large engineering and construction companies in the Middle East, United Arab Emirates and South Korea and hopes this latest contract will open the door to further contracts in the region over the next five years.
Copperchase director Paul Boydell said the contract win is the company's largest to date, adding that the Tees Valley Catalyst Fund loan was "vital" in helping it to fund the performance bond.
"We believe this contract will really showcase our technical and project management capabilities and be the springboard we need to win even larger contracts in future," he added.
The Tees Valley Catalyst Fund was conceived by Tees Valley Unlimited (TVU), the Local Enterprise Partnership for the Tees Valley, to provide companies in the area with the finance to grow and prosper.
Last October access to the fund was widened to businesses across the North East and in parts of North Yorkshire.
TVU's managing director Stephen Catchpole said Copperchase's contract win demonstrates how the fund "unlocks business opportunities and enhances a company's ability to secure significant contracts and deliver growth".
FW Capital investment executive Chris Johnson worked with Copperchase to provide the short-term loan.
"Copperchase has really expanded its overseas presence since it was first established in 1990," he said. "In recent years, the team has set up the company's Middle-East offices to take advantage of opportunities in emerging markets like Iraq.
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