A fledgling manufacturing company is well on its way to a £10m five-year turnover target after making its second business acquisition in a matter of months.
Hindley Circuits, which specialises in high quality electronic printed circuit board (PCB) assembly services, has taken over Irridian Industrial Electronics.
The acquisition of the electronic product design and repair specialist follows Hindley’s take-over of Blyth-based Magnum Electronics.
The Cramlington business has now posted a first-year turnover of £2.4m and is looking to exceed £4.5m turnover in its second year. It boasts 46 staff, and has invested £550,000 in training and equipment.
Chief executive Richard Whitehead said: “We are delighted to have achieved so much in the firm’s short time.”
The business was established in 2016 when a group of investors led by Andrew Lapping, of Hamilton Portfolio, bought the assets of Opsol UK when its parent company A-Belco fell into administration.
It has recently had further cause for celebration after securing the international quality management standard ISO 9001:2015, the most up to date and hardest to achieve.
Andrew Lapping said: “The progress made by the team at Hindley has been very encouraging in such a short period and we are only really at the start of this transformation.
“Having seen the achievements to date, we are looking forward to continuing to make progression and be recognised as one of the region’s leading firms.”