A tech company in Hull is set to create twenty-five new jobs to boost growth after securing a £350,000 loan from NPIF – Mercia Debt Finance.
Tevalis supplies electronic point of sale systems to the hospitality, leisure and gaming sectors including some of Britain’s best-known venues.
The latest funding will support its expansion following several new client wins. It is the second tranche of funding the company has received from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
Since the first loan of £190,000 in March last year, it has increased turnover from £3.3 million to over £6 million and created almost 50 new jobs, bringing staff numbers to 115.
The business was founded in 2003 by James Cook and its technology is now installed in around 2,000 businesses ranging from fine dining to fast food restaurants, bars, hotels and casinos.
They include Village Hotels, Sadler’s Wells Theatre and Hampton Court Palace. Tevalis has also been expanding its international presence throughout Europe, North America, the Middle East, New Zealand and Australia.
“The Mercia team made a big effort to get to know our business and worked very effectively to support us with growth capital when it was needed. The benefits can be seen in the growth of the business and the number of new jobs we have created over the past 18 months,” sad Mr Cook.
“We believe there are significant opportunities open to us, both in the UK and overseas, and this latest funding will allow us to pursue these.”
Paul Arthur, Investment Manager with Mercia, added: “We are delighted to be supporting the rapidly growing, innovative technology business with a second round of investment. Tevalis is continuing to invest in building its highly skilled team in Hull and the creation of so many high-quality jobs is a material benefit to the local economy.”