Finance Wales help weld the future
09/03/07
West Wales welding company WTW Ltd is forging ahead with a
revolutionary welding machine thanks to support from Finance
Wales.
Brothers and business partners Eirwyn and Islwyn Morgan have
designed a unique welding machine that allows continuous use on a
single job, unlike conventional welding systems that need time to
cool down during use.
With the support of a £10,000 micro loan from Finance Wales, a
wholly owned subsidiary company of the Welsh Assembly Government
created to provide commercial funding to Welsh SMEs, WTW Ltd has
been able to move ahead with production at the Raven Industrial
Estate, Garnant, Ammanford.
“We came up with a design that we knew was going to hit the market
by storm. It was just a matter of time and once the market knew we
had this product it has proved a real winner,” said Eirwyn
Morgan.
“Our product is unique. Currently, welders have to stop and start
regularly throughout a job with a conventional welding machine to
allow it to cool down, otherwise you face it overheating and
becoming unusable.
“Our device allows continuous use, thus eliminating the need to
stop in the middle of a job – improving quality – and ensuring the
welder doesn’t have to drop tools while they wait for the device to
cool down – saving time and reducing costs.”
The company applied for a Micro Loan from Finance Wales to help
take the product forward from research and development into
production.
The company has already entered an agreement with Zena Inc., which
manufactures a small high output generator allowing the continuous
use of the WTW Ltd welding machine and will allow the firm to
distribute the product throughout the UK and Europe.
US engine manufacturer Briggs and Stratton are also looking to
promote the device through the company’s existing supply chain.
Rhiannon Wilkinson of Finance Wales said: “This is a good example
of a small business having a highly innovative idea for which it
needed financial support to take forward. The Finance Wales Micro
Loan was ideal – it is flexible and can normally be approved within
10 days – and has ensured WTW Ltd has been able to develop its
welding machine for the commercial market.”
The company has also received support through the Welsh Assembly
Government’s High Growth Programme, HSBC and Carmarthenshire County
Council.
Andrew Davies, Minister for Enterprise, Innovation and Networks,
said: “WTW Ltd is a good example of a company realising that to
grow and develop it needs to be innovative – and that’s just what
it has done with this new welding machine.
“Being able to tap into suitable financial support is imperative
for such a company and the Micro Loan from Finance Wales has
provided just the right investment required to move the product
forward into the market place.”
The Finance Wales Micro Loan is available to SME’s, including new
start-ups, sole traders and partnerships. Loans can be anything
between £1,000 and £10,000 and decisions on applications can be
made within 10 days.