A new Northumberland engineering business is aiming to build on a strong start with the backing of a five-figure investment.
Advanced Composites Engineering was formed at the start of the year by a team of experienced engineers who had previously worked together at another regional firm that was moving out of the sector.
The team managed to retain almost all of their former clients, including businesses in China, the US and Italy, as well as across the 海角视频.
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Having now brought its operations fully up to speed, the Cramlington company is looking to grow its turnover after working with regional fund management firm NEL Fund Managers to secure the £95,000 Small Loan Fund investment.
The funds will allow it to secure the additional supplies of raw materials it needs to service more and bigger clients, especially across the North East.
Advanced Composites Engineering already has an 11-strong team, with two further jobs expected to be created before the end of the year and more to follow as it executes its growth plans.
It manufactures composite tubing to businesses across a wide range of sectors, from defence and aerospace through to sports equipment, marine and other commercial and industrial applications.
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It also offers services including surface machining, drilling, milling and turning.
Don Robinson, director at Advanced Composites Engineering, said: “Being able to retain the great majority of the customers that we previously worked with says a great deal about the team’s reputation and the quality of service that we’ve always looked to provide.
“Having ready access to the supplies of raw materials we need is crucial to maintaining this reputation, and as we look to grow the business, we’re going to need to increase the stocks that we’re holding.
“This obviously requires a significant amount of capital, but having the North East Fund investment to hand means we’ll still have resources available to direct towards other parts of the business.
“We’ve already got a number of big projects in the pipeline and feel confident that growing our turning by twenty per cent in the coming year will be well within our grasp.”
Mike Guellard, investment executive at NEL Fund Managers, said: “Advanced Composites Engineering may be a relatively new business, but its management team has unrivalled experience within its sector, as well as the knowledge and drive required to build on the progress they’ve made this year.”
The £9m North East Small Loan Fund offers loans of between £10,000 and £100,000 to businesses in Tyne and Wear, Durham and Northumberland. It forms part of the £120m North East Fund which aims to provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
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