Paralloy Group, a stainless steel alloy specialist and manufacturer in Teesside, has secured a seven-figure loan from the Teesside Flexible Investment Fund, which is managed by FW Capital and backed by the Teesside Pension Fund.

The loan will be used to boost the local economy in Teesside. It was the first investment from the £20 million fund that was launched last year.

Paralloy focuses on converting raw elements into products that power the Syngas & Ethylene, ethylene, and syngas sectors.

The company operates from five locations in the UK, with headquarters in Billingham and offices in Middlesbrough and Sheffield, and employs more than 500 people in the North East and over 1,000 worldwide.