Fast-growing Hull tech company Tevalis is set to create 25 new jobs after it secured a £350,000 loan from a Northern Powerhouse fund.
The business, which has worked with leading British venues including Kew Gardens and the Tower of London, supplies EPOS (electronic point of sale) systems to the hospitality, leisure and gaming sectors.
Tevalis, headquartered in Alfred Gelder Street in Hull city centre, has now secured financial support from a branch of the Northern Powerhouse Investment Fund, which will allow it to expand its operations in the city.
James Cook, managing director at Tevalis, said: “The Mercia team made a big effort to get to know our business and worked very effectively to support us with growth capital when it was needed.
“The benefits can be seen in the growth of the business and the number of new jobs we have created over the past 18 months.
“We believe there are significant opportunities open to us, both in the UK and overseas, and this latest funding will allow us to pursue these.”
Tevalis was founded in 2003 by Mr Cook.
Its technology is now installed in around 2,000 businesses ranging from fine dining to fast food restaurants, bars, hotels and casinos. They include Village Hotels, Sadler’s Wells Theatre and Hampton Court Palace.
This is the second tranche of funding the company has received from NPIF – Mercia Debt Finance.
Since the first loan of £190,000 in March last year, Tevalis has increased turnover from £3.3m to over £6m and created almost 50 new jobs, bringing staff numbers to 115.
The latest funding package from the fund will help create 25 additional jobs at Tevalis.
Paul Arthur, investment manager at Mercia, said: “We are delighted to be supporting the rapidly growing, innovative technology business with a second round of investment.
“Tevalis is continuing to invest in building its highly skilled team in Hull and the creation of so many high quality jobs is a material benefit to the local economy.”
Tevalis’s award-winning sales systems allow businesses to increase efficiency and profitability.
They enable ‘front of house’ staff to process orders and take payments, while also managing behind the scenes operations such as kitchens and stock control.
Tevalis tailors systems to each user’s needs and provides support 364 days a year.
Tevalis has also been expanding its international presence throughout Europe, North America, the Middle East, New Zealand and Australia.
