Newport steel firm secures £1m Finance Wales loan to reach Olympic-sized ambitions
A Newport-based steel specialist has secured a £1 million loan
from Finance Wales to complete a high-profile project at the Queen
Elizabeth Olympic Park.
Pro Steel Engineering, which specialises in professional project
management and construction services, has secured the finance from
the Welsh Government’s Wales Capital Growth Fund, managed by
Finance Wales. The loan will provide working capital to
deliver part of the £200 million Queen Elizabeth Olympic Park
strengthening and remodelling project.
The firm is the first to benefit from investment from the Wales
Capital Growth Fund, which was created in response to demand from
Welsh SMEs for short-term working capital and performance bond
With West Ham United having taken a 99-year tenancy of the
Olympic Park stadium, the redevelopment - which will create nearly
100 sub-contractor jobs for Pro Steel’s team - will see the stadium
transformed into a UEFA Category 4 venue, seating over 54,000
Finance Wales has also provided additional capital for Pro Steel
to expand its operations with a move to a new Caldicot site where
it has purchased a new 3,000 sq ft steel industrial unit on
Severnbridge Industrial Estate.
The move means the firm now has the capability to fabricate
steel in-house without having to outsource the manufacturing
process, enabling clients to benefit from a faster, more flexible
The Minister for Economy, Science and Transport, Edwina Hart,
“This is a very exciting project at a key international venue
and also an excellent example of how Welsh businesses like Pro
Steel Engineering can take on the competition and win significant
new contracts with the right financial backing.
“Finance Wales’ first investment from the new Wales Capital
Growth Fund is providing the company with the working capital it
needs to undertake the project. Winning larger
contracts can not only boost growth prospects for businesses but
can also increase their contribution to the Welsh
The company has already worked on a number of major
infrastructure projects across the UK including Birmingham New
Street Station and strengthening work on the A4 London Hammersmith
Founded by two former directors of a major steel supplier,
Richard Selby and Justin Marriot, Pro Steel is set to recruit for a
number of senior positions in the coming months as part of its
ambitious growth plans.
The firm, which reported turnover figures of £1.3 million in its
first nine months of trading, predicts £3million of sales in its
second financial year, representing growth of over 100%.
Its business model is committed to sourcing work in Wales and
harnessing the talent of the local supply chain, even if the
project itself is located elsewhere in the UK.
Richard Selby, Co-Founder of Pro Steel Engineering, said:
“We are delighted to have secured funding from Finance Wales,
which has allowed us to create nearly 100 new jobs at the Queen
Elizabeth Olympic Park site. Our commitment to the highest quality
of work, and safety levels on site, has ensured that in our first
two years of trading, we are already winning sizeable, high-profile
contracts across the UK.
“We are also thrilled to announce the launch of our new site in
Caldicot. As we are rapidly expanding, moving to a new head office
allows us to offer a greater level of flexibility to clients.
“Our goal is to grow sustainably over the next few years, building
strong relationships in the construction sector and winning more
Investment Executive, Oliver Jenkins structured Finance Wales’
investment in Pro Steel Engineering. He said:
“Pro Steel Engineering is a young, highly regarded Welsh business
with an impressive management team, considerable expertise and
long-term vision. It has already completed a number of
high-quality projects and winning the contract to deliver such a
key project is an important growth milestone.
“In addition to the injection of working capital from the Wales
Capital Growth Fund, an investment from the Wales JEREMIE Fund has
helped Pro Steel fund the move to its new Caldicot site,
underpinning its expansion. It also plans to recruit additional
staff in Wales as it increases the range of services it
Cardiff-based BPU Accountants advised on the loan deals and M4
Property Consultants (M4PC) facilitated the acquisition of the new
site in Caldicot.
For more information on Pro Steel Engineering, please visit