The management of Abriox, a developer of remote monitoring tools for gas companies, has bought back Finance Wales’s stake in the business.
The management of Abriox, a developer and manufacturer of remote monitoring tools for gas and petrochemical companies, has bought back Finance Wales’s stake in the business.
Finance Wales, a subsidiary of the Welsh Assembly Government which invested £125,000 in Newport-based Abriox in 2006, has made an internal rate of return (IRR) of ‘between 25 and 30 per cent’.
Abriox managing director Neil Summers says, ‘It’s a good time for us to buy back Finance Wales’ shareholding, which supported our growth at a crucial stage.’
The company’s technology, which eliminates the need for regular inspections, is installed on new gas pipelines in the UK and it is now expanding into the US, continental Europe and the Middle East.