Staff at a Blyth manufacturing company which faced going out of business less than a year ago will receive a share of the profits if the firm’s new growth strategy proves successful.
The future looked bleak for Narec Solar when its Swedish parent company went into administration earlier this year, but Steve Caseley bought all the shares and relaunched the business as Solar Capture Technologies.
After retaining the staff, Steve turned to Oxford Innovation for help on taking the company forward, working with programme manager Mike Jobson on drawing up a strategy.
Steve said: “Mike has really challenged all of us to review the way we worked and we’re already seeing the benefits with a much healthier looking order book.”
The company now employs 14 people and is planning further recruitment.