A fast-growing Hull tech company is set to create 25 new jobs after securing a £350,000 loan to support its growth from NPIF – Mercia Debt Finance, which is managed by Mercia and part of the Northern Powerhouse Investment Fund.
Tevalis supplies electronic point of sale systems to the hospitality, leisure and gaming sectors including some of Britain’s best known venues such as Kew Gardens and the Tower of London. The latest funding will support its expansion following a number of new client wins.
It is the second tranche of funding the company has received from NPIF – Mercia Debt Finance. Since the first loan of £190,000 in March last year, it has increased turnover from £3.3m to over £6m and created almost 50 new jobs, bringing staff numbers to 115.
Tevalis’s award-winning systems allow businesses to increase efficiency and profitability. They enable ‘front of house’ staff to process orders and take payments, while also managing behind the scenes operations such as kitchens and stock control. Tevalis tailors systems to each user’s needs and provides support 364 days a year.
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.
James Cook, Managing Director, said: “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. 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, said: “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.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.