We’ve been incredibly lucky to have secured financial investment from Business Durham which really has been crucial to the growth of the business and fast-tracked our plans in such a short space of time.
Antony Gray
Founder
A fast-growing engineering company is embarking on an exciting new phase of development with the help of a grant from the County Durham Growth Fund.
Renovo Solutions was founded by Antony Gray just three years ago, but in that time has experienced significant expansion with the company already relocating to larger premises at Tanfield Lea Industrial Estate in Stanley.
The new 14,000 sq ft facility is 14 times larger than the previous unit the business occupied, allowing Antony to invest in new machinery greatly increasing production capacity and enabling Renovo Solutions to target larger contracts.
Now, Antony is working on the next phase of his business journey, including the launch of a new spin-off operation Renovo Tool Company, the creation of six new jobs, and the formation of a new senior management team, starting with the recruitment of Ian Lomas as sales director and Peter Redhead as works director.
These developments have received the backing of the County Durham Growth Fund, which has awarded the business £100,000 in grant support.
Antony said: “Our growth in the three years since I launched the business has been significant, largely due to the fact we’re the only tool grinding machine company in the North East.
“We’ve tapped into a major gap in the market and now we’re fully established within the sector, I am able to focus on the next stage of growth.
“This includes continued investment in Renovo Solutions and the launch of a new business arm, Renovo Tool Company, which has been made possible with the support we’ve received from the County Durham Growth Fund.
“This business will manufacture high-performance standard cutting tools, which we see as a natural progression from Renovo Solutions.
“We’ve been incredibly lucky to have secured financial investment not only from Business Durham but also the North East Loan Fund which really has been crucial to the growth of the business and fast-tracked our plans in such a short space of time.”
Renovo Solutions currently employs nine people, five of whom are apprentices, with the planned recruitment drive taking the business to 14 employees within the next few months.
Antony added: “This is an incredibly exciting time for the business.
“We’ve purchased new machines which are allowing us to operate more sustainably and efficiently; we’re in the process of creating a senior management team which will allow me to network more and meet potential new clients; and we now occupy premises which give us the space we need to embark on this ambitious growth journey.”
Renovo Solutions supplies products to sectors including aerospace, nuclear, oil and gas, military, defence, automotive, and has clients both across the UK and internationally.
The County Durham Growth Fund is managed by Business Durham in partnership with UMi and is supported by the European Regional Development Fund (ERDF). All successful grant applications are appraised by UNW LLP, an independent firm of chartered accountants and business advisers.
Sarah Slaven, Managing Director of Business Durham, said: “Renovo Solutions is a home-grown company and a real success story for County Durham. What Antony and the team have achieved in such a short period of time is fantastic and I am delighted that the County Durham Growth Fund is able to support them on the next phase of his business journey.”
Simon Allen, investment centre director at UMI, added: “The County Durham Growth Fund is here to support businesses like Renovo Solutions, which have ambitious plans to invest, create jobs and cement their long-term future in the area.”
Lara Marshall, corporate finance manager at UNW, said: “It’s great to see Renovo Solutions embarking on such an ambitious second phase of expansion, which will see six new jobs created and a new arm of the business launched. We wish Antony and the team the best of luck.”
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