An engineering firm is aiming to double its turnover in the next three years thanks to a £50,000 investment.
Eminent Engineering has received the support from the North East Small Loan Fund, supported by The European Regional Development Fund.
The Bedlington-based business provides bespoke design, fabrication and installation for a range of specialist steel and metalwork projects, including staircases, handrails and balustrades, and incorporates other materials, such as timber and glass, into them as required.
It works with well-known clients, including Galliford Try, Esh Construction and Tolent, and has contributed to projects ranging from shopping centres, leisure centres and educational facilities through to log flume rides at theme parks in the US, Finland and Sweden.
Additional resources will be directed towards the sales side of the business, with a new sales person and additional marketing and website resources being put in place.
Over the next three years, the management team is aiming to increase the business’ annual turnover from £650,000 to around £1.25m, and is planning to create at least five new jobs.
Paul Milsted, managing director, said: “We have a highly-skilled design and fabrication team in place and the quality of the work that they do speaks for itself.
“Putting a greater focus on the sales and marketing side of the business will help us expand the range of opportunities that they have to put their skills to practical use.”
He added: “We’re confident that substantially increasing both our turnover and workforce is well within our grasp and now have the financial resources in place that we needed to put our plans into action.
“The investment option offered by NEL provided a good fit with the business’s needs and the process of getting the funding through the door was very clear and straightforward.”
Jane Siddle, investment executive at NEL Fund Managers, said: “The Eminent Engineering team has both the technical and commercial know-how to realise even more of the business’ potential, and we would expect to see the positive impact of this investment coming through quickly.”
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0345 369 7007.