A County Durham manufacturer has launched a new production line after securing a bank funding package.
Shildon-based PSP Architectural Limited has received funding from Barclays to support its expansion plans, which includes the introduction of a new production line.
Established in 1998 and based at All Saints Industrial Estate in Shildon, PSP Architectural is one of the 海角视频’s leading suppliers of rainscreen systems and metal fabrications, manufacturing external facades for residential, commercial and retail developments.
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The firm also works on high-profile public sector projects including hospitals and educational institutions, and also specialises in manufacturing products for interior fit-outs at the likes of airports and shopping centres.
Manufacturing processes take place in its factory, with the architectural and aluminium manufacturing divisions working alongside a design team based at Cramlington, Northumberland.
The firm, which has 70 staff, now expects to reach £8m in turnover this year, with rapid growth expected for 2021 following the undisclosed financial backing from Barclays.
Heath Hindmarch, chief executive officer at the company, said: “The new production line will enable us to merge many labour intensive processes providing us with the ability to handle a wider range of materials and produce more detailed structure which wasn’t possible with the current equipment and the semi-manual process.
“Barclays has been working with us to provide a package of debt facilities to support our growth plans with new products and new contracts and secure the future of the business for the long-term.”
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Martin Brown, Barclays relationship director, put together the funding package for the deal.
He said: “PSP Architectural is a well-managed and ambitious company that is investing for the future and contributing to the local economy. With a strong reputation and an exciting pipeline of opportunities for the future, we’re delighted to support the business as they continue to grow despite these challenging times.”