Grant boost for growing company
A manufacturer of pre-stressed concrete products is to expand its range into a fast-growing market earlier than expected.
Ten new full-time, skilled jobs will be created by Lynx Precast Limited following the award of a grant of £170,000 from the North East Rural Growth Network towards the overall investment of £630,000.
It will be used in the purchase of machinery, including a large-scale automatic bar bending machine, and on modifying factory space to enable large-scale manufacturing to take place at the factory in Lynefield Park – located between Lynemouth and Ashington.
This will put the business in a position to supply large reinforced concrete products such as stairs, lift shafts and landing units nationally, rather than buying them in from elsewhere in the UK and Ireland.
Lynx Precast director Andy Teasdale said production will start next month.
He added: “This investment means that we will be able to access large-scale infrastructure projects, including highways and rail, not just regionally but nationally.
“It will open up a lot of opportunities in different market sectors and help us diversify and reduce our reliance on construction and house-building.
“Without the additional grant funding, this would have taken longer to get off the ground.”
Gary Roe, business growth and investment manager for Advance Northumberland, worked with the business to identify the funding opportunity and complete the successful application.