Dundee’s Pacson Valves secures funding of £3m

John McLaren
John McLaren
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Oil and gas services firm Pacson Valves has secured a £3 million refinance package from Clydesdale Bank, to back its long-term strategy, and said it is focusing on growth opportunities as the sector battles ongoing ­uncertainty.

The Dundee-based firm, which supplies bespoke high-integrity valves, said it switched from another lender, and “continues to commit significant funding to research and development”.

Commercial director John McLaren said: “Like many companies in our sector we want to ensure we are fit for the future and ready to grow when the market improves. Now we have a more convenient and flexible product that will help to future-proof Pacson Valves and facilitate our growth aspirations.”

Its turnover in the year to October last year grew to £13.6m from £12m in the prior period.