Newcastle-based highway maintenance contractor Galvmac has secured a £300,000 investment from the North East Elevate Fund to support its expansion across the UK.
Established in 2023, the company repairs potholes and maintains road surfaces using Elastomac, a rubberised mastic asphalt product incorporating recycled vehicle tyres. Galvmac says the material can fill defects without excavation, bond to the existing road surface and form a durable, waterproof layer.
Contracts drive expansion
The investment follows what Galvmac describes as significant contract wins with county councils in Durham, Westmorland and Furness, and the East Midlands and Nottingham area. The company is also working with Balfour Beatty in Lincolnshire and M Group in Hampshire.
Further contracts are being secured across the UK, according to Galvmac, with the company planning to create up to 20 new roles. It said the funding would provide working capital for materials and help it manage cash flow as its workload grows.
Barry Gill of Galvmac said: “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.”
Regional investment
The North East Elevate Fund is managed by FW Capital and forms part of the North East Mayor Kim McGuinness’s £100m regional investment framework, administered by The North East Fund. Alongside the North East Accelerate and North East Spinout Inspire funds, it is intended to improve access to early-stage finance for growing businesses in North East England.
Alex Gent, senior investment executive at FW Capital, said Galvmac was experiencing “a surge of opportunities around the UK” and that the funding would help it meet demand. He also highlighted the company’s use of recycled tyres and its focus on local jobs.
Jason Hobbs, chief executive of The North East Fund, said the investment would help Galvmac expand, create jobs in the region and deliver its pothole repair product more widely.