A MERSEYSIDE engineering company with a pedigree in the oil and gas sectors has received a £120,000 loan from the North West Fund for Business Loans towards expansion.

Maghull-based Control Valve Solutions (CVS) is seeking to ramp up operations to meet increasing demand.

The cash injection will enable the valve repair and service company to buy new testing equipment and provide the extra working capital essential to fund rapid growth.

The loan was made by Liverpool-based FW Capital, which is managing a £35m facility as part of the North West Fund for Business, financed by the European Regional Development Fund and the European Investment Bank.

It is the second investment made by FW Capital to a Merseyside company.

CVS managing director Mick Beavers said: "With a proactive approach to valve maintenance and upgrade we continue to expand. This funding will support further service improvements with investment in new equipment and software to ensure that valve repairs and overhauls are carried out to the highest standards.”

Simon Berry, senior investment executive with FW Capital, said: "Mick and the team have worked hard to build CVS into the highly-regarded company it is today.

"They’re in the enviable position of having a growing order book and I’m pleased we’ve been able to structure a loan to support their expansion plans.” 
 
The £35m North West Fund for Business Loans can make loans of between £50,000 and £250,000 to viable small and medium-sized businesses (SMEs) in the North West of England.

Mr Berry added: "I'm keen to chat to even more Merseyside-based SMEs, banks and advisers to explain what The North West Fund for Business Loans can offer.

"The fund has different lending criteria to the banks, and this is proving attractive to many of the SMEs we have provided funding to."

Andy Leach, chief executive of North West Business Finance which is delivering The North West Fund, said: "I am delighted that The North West Fund has been able to support the growth plans of a long-established Merseyside business such as CVS.

"The investment by The North West Fund, which will help build on CVS's reputation for service and quality in a highly demanding sector, demonstrates that even in challenging economic conditions ambitious businesses can raise funding for their growth plans.

"We would be delighted to fund the growth plans of many more of Merseyside's ambitious businesses and entrepreneurs."