£100,000 grant helps County Durham manufacturer expand production capacity

A County Durham manufacturer has expanded its production capacity and strengthened plans for future growth after securing a £100,000 grant through Durham Business Growth.

Renovo Tool Group, based in Stanley, has invested in new advanced machinery at its County Durham facility to meet growing demand for its tool refurbishment service, which helps manufacturers cut costs by up to 80 per cent while reducing waste and carbon emissions.

The Durham Business Growth grant supported the purchase of two specialist grinding machines, increasing capacity at the Renovo’s manufacturing site and helping it accelerate its growth plans. 
The programme is funded by the North East Mayoral Strategic Authority and delivered in partnership by UMi, Business Durham and RTC North.

The investment comes as manufacturers face rising raw material costs, particularly for tungsten carbide, a key material used in cutting tools. As a result, more businesses are turning to Renovo's ReNew service, which restores worn tools so they can be used again rather than replaced. Each tool can be refurbished multiple times, helping customers save money while reducing the amount of raw material needed. 

The project forms part of Renovo's wider growth strategy. Alongside funding from Durham Business Growth, the project was supported by finance from NEL Fund Managers and Reward Finance as part of a finance package designed to unlock growth and investment across the business. 

Antony Gray, founder and managing director of Renovo Tool Group, said: “Demand for our refurbishment services has grown significantly as manufacturers look for ways to reduce costs and become more sustainable.

"The support from Durham Business Growth has been a key part of making this investment possible. The new equipment gives us the capacity to meet increasing demand, improve productivity and continue growing the business from our County Durham base.

"It also helps us support customers who are looking to extend the life of their tools, reduce waste and lower their environmental impact."

Phil Sly, Specialist Adviser at UMi supported Antony through the grant application process. He said: "Renovo is a fantastic example of an ambitious County Durham business investing for growth.

"The company has identified a clear market opportunity and is building the capacity needed to meet increasing demand. Through Durham Business Growth, we were able to support that investment and help the business take the next step in its growth journey.

"It's great to see a local manufacturer creating long-term opportunities while also helping its customers save money and reduce their environmental impact."

Durham Business Growth helps ambitious businesses across County Durham access the funding, expertise and support they need to grow, innovate and create jobs. For more information, visit www.durhambusinessgrowth.co.uk