Welsh steel engineers win contract at home of English rugby
PRP Steel Engineering (Pro Steel) has won the contract to redevelop the iconic East Stand at Twickenham Rugby Stadium.
And to support the project, the business has received a six-figure working capital loan from Finance Wales.
The Caldicot-based company has previously worked on major projects including the London Olympic Stadium Transformation Project and the redevelopment of Birmingham New Street train station.
Their latest project involves work on Twickenham’s East Stand, extending it outwards to add six levels for hospitality and conference events.
The firm’s managing director Richard Selby said: “Following our first working capital loan from Finance Wales for the London Olympic Stadium Transformation Project, we were able to generate enough income to reinvest in the company and expand our services and create opportunities for local employment.
“With this stable platform, we have been able to secure a further high-profile project in the redevelopment of the East Stand of Twickenham Stadium.
“To deliver this project, we needed a working capital facility to stabilise our cash flow through the growth phase of the project and it was clear to us that Finance Wales provided the best offer of support.”
The business recently won the Growth Business of the Year category at the South Wales Chamber of Commerce Welsh Business Awards 2016, and the Fastest-Growing firm in Manufacturing and Engineering at the Wales Fast Growth 50 Awards in 2016.
“Richard and the team at Pro Steel are a perfect example of a fastgrowing, ambitious and successful Welsh manufacturing firm,” said investment executive Bethan Bannister, who structured the deal on behalf of Finance Wales.
She added: “To be awarded yet another iconic project is testament to their hard work and expertise in this sector. We’re happy we’ve been able to support them with a working capital facility.”
The loan comes from the Wales Business Fund, part-funded by the European Regional Development Fund (ERDF) through Welsh Government.
Meanwhile, a £500,000 loan from Finance Wales is enabling Balabased company The Cake Crew to increase its production capacity to cope with increased demand for their products.
The Cake Crew is the largest independent supplier of cupcakes in the UK. The company, which makes cakes for Tesco, Sainsbury’s, Morrison’s, Aldi and the Co-op, employ 240 people in the north Wales town.
Managing director Simon Faithfull said: “As a company, we focus on quality and continuously improving the products we manufacture for our retail customers.
“Over the last few years we’ve seen substantial growth as our products have found favour with consumers and, as a result, new retail customers have come on board, The funding provided by Finance Wales is enabling us to expand, supporting employment and our contribution to the north Wales economy”.
Finance Wales senior investment executive Rhodri Evans said: “The Cake Crew are a great example of a local success story, with the business having grown significantly over the last three to four years. We are delighted to be able to support them with their continued growth.”