Severn announces investment from Blue Water Energy
13 January 2020
Severn Glocon Group has announced a multi-million-pound investment from energy investor Blue Water Energy. The investment deal, which is subject to certain conditions precedent, sees management team member Colin Findlay take on the role of new CEO to lead the implementation of a new plan for expansion and a focus on new product development.
Severn Glocon is the manufacturers of control valves for the oil and gas industry and employs over 900 staff worldwide including 370 in the UK. The independent UK-based company, with manufacturing locations in Gloucestershire, Yorkshire and Chennai and service operations globally, now has a fully-funded growth plan that will build on its proud heritage and customer and supplier base to take quality and reliability to the next level.
Severn Glocon founder Maurice Critchley steps into a non-executive director role and remains as an investor in the company, alongside Blue Water Energy. As well as knowledge of the industry, Blue Water Energy will provide capital for the ambitious 5-year growth plan allowing Severn Glocon to move forward with a positive balance sheet and ample financial support. Christopher Powell continues in his role as Chairman.