North East specialist highway maintenance contractor, Galvmac has received a £300K investment from the North East Elevate Fund, managed by FW Capital, to assist its rapid growth.
Based in Newcastle, Galvmac was established in 2023. The firm delivers pothole repair and road surface maintenance services using Elastomac, a rubberised mastic asphalt (RMA) that uses recycled rubber tyres. The combination of performance and sustainability has attracted the attention of local authorities across the UK. Elastomac fills defects without excavation, bonds to the existing road surface and creates a durable, waterproof layer.
The investment from the North East Elevate Fund is assisting Galvmac’s fast growth which comes off the back of significant new contract wins with a number of County Councils including Durham, Westmorland & Furness, East Midlands/Nottingham area as well as working with Balfour Beatty in Lincolnshire and M Group in Hampshire. Further contracts are being secured across the UK and new jobs have been created with up to 20 new roles.
The North East Elevate Fund is part of the North East Mayor Kim McGuinness’ £100m regional investment framework administered by The North East Fund. Along with both the North East Accelerate and North East Spinout Inspire funds, it aims to strengthen access to early-stage finance for start up, scale up and growing companies in North East England, and tackle long-standing market failures that have hampered innovation-led growth in the region.
Barry Gill, Galvmac said: “We started the business in 2023 after identifying the benefits of using RMA above tarmac to repair pot holes. We undertook a number of test projects and on the back of the successful results we have secured a number of UK wide council contracts. We are also proud to employ our own team and are investing in our people with the creation of new jobs and also a big focus on training and offering apprenticeships to develop our workforce. The funding from the North East Elevate Fund has given us the platform from which to meet the demands of our fast growth and has put the working capital in place to help us to buy materials and manage cashflow effectively.
"Working with FW Capital has been a game-changer for our rapid growth. They didn't just provide the funding right when we needed it; they truly understood our vision and acted as a strategic partner every step of the way. The entire process was remarkably fast and seamless, ensuring our capital was secured precisely when our momentum needed it.”
Alex Gent, Senior Investment Executive at FW Capital added: “Galvmac is experiencing rapid growth with a surge of opportunities around the UK. The funding in place is ensuring they have are well positioned to meet this demand. It’s also great to see the team’s focus on investing in their people and creating jobs locally. Galvmac has a fantastic sustainability focus using recycled tyres in its Elastomac product. It’s encouraging to see more councils across the UK recognising the benefits of this innovative approach.”
Jason Hobbs, CEO of The North East Fund said: “It’s great to see our Elevate Fund support the growth of another local business with big ambitions. The investment will help Galvmac to expand, create new jobs in the region and to deliver its sustainable pothole repair product across the county. That’s exactly the sort of impact that our funds have been set-up to achieve and I’d encourage like-minded companies to get in touch as we continue to invest in growing North East businesses.”
