Radio frequency equipment maker Filtronic has landed its largest order yet from high profile customer SpaceX, worth about $32.5m (£24.0m).
The County Durham-based designer and builder of components for the space, aerospace and defence, and telecoms infrastructure markets says the latest follow-on order from the US rocket company will see it beat full-year revenue expectations of £55m. The deal will see Filtronic supply its E-band Cerus 32 Solid State Power Amplifier kit, which can boost low-power radio frequency signals for 5G and advanced wireless communications systems delivered through satellites.
Filtronic bosses said the latest deal shows the strength of their relationship with Elon Musk's multibillion-dollar company, with a flurry of orders allowing it to invest in its low earth orbit technology and tackle a significant market opportunity. Shares rose on the news, which followed an £800,000 contract secured with defence firm Leonardo, announced in recent days.
Nat Edington, chief executive officer at Filtronic, said: "We are delighted to have secured our largest order to date with SpaceX, reinforcing Filtronic’s growing reputation for delivering high-performance RF solutions to the high-growth space market. This milestone builds on the momentum of recent contract awards and highlights the progress we are making as we expand in key strategic markets."
Newcastle investor Middleton Enterprises has injected £1.3m into London restaurant chain SushiDog, which aims to ramp up store openings. The investment is the third time the family office has backed SushiDog, whose fast-food approach to the Japanese dish aims to change the way people eat sushi. It follows an £800,000 sum put into the business last year, and £612,000 before that in 2023.
The backing will help SushiDog speed up the pace of new site openings with a view to the chain operating 40 locations over the next five years. Initial growth has happened in London, including the brand's largest store, in Warren Street that opened in April. It is now eyeing nationwide expansion.
James Middleton, investment manager at Middleton Enterprises, said: “This is our third investment into SushiDog. We made the decision to invest in the business again because it has a proven rollout model, based on predictable, repeatable growth.
"They have constantly raised the bar, innovating and evolving with each new store, which gives us confidence in the next stage of growth that will see new sites appearing up and down the country. We have a great relationship with the founders, who know that we’re willing to invest in a longer-term project, providing the necessary finance to help them with each phase of development.”
Jobs have been saved by a rescue deal after well established North East manufacturer Formula Plastics collapsed into administration.
Insolvency experts were appointed to the County Durham firm, which has made components used by major automotive brands such as Nissan and Honda, earlier this week. And now joint administrators at FRP Advisory have brokered a deal with newly established North West company, Formula Components Ltd, which is backed by investor Baaj Capital.
The move has protected 34 jobs at Formula Plastics' Newton Aycliffe facility where it makes a range of plastic injection moulded components for car manufacturers, consumer goods brands, lighting brands and food packaging customers. The business was first launched in 1996 and has since built a specialism in high-tolerance precision components.
It has enjoyed a longstanding partnership with regional investor NEL Fund Managers, which helped to launch the firm nearly 30 years ago. A £100,000 sum from the North East Small Loan Fund, supported by The European Regional Development Fund via the Recovery Loan Scheme was Formula's latest injection from NEL in 2022, marking its seventh investment into the firm. That funding had been intended to help Formula regain ground lost during the pandemic, which was said to have been challenging for the business.
Administrators at FRP say they had been called upon following a period of unspecified financial difficult at Formula Plastics, caused by delayed production. Following a speeded up sale process, they found an agreement with Lancashire-based Formula Components.
Print and packaging specialist Encore Group has acquired former competitor Heritage Envelopes Limited in a deal that promises new jobs.
The £55m turnover group says it will create 20 roles at its Washington and Dewsbury sites, while continuing to operate Blackburn-based Heritage as a subsidiary. It brings together two companies described as among the longest established of Ƶ envelope makers.
Encore’s managing director, David Cooper, said: "Acquiring Heritage brings together two highly respected names in the envelope world and enables our group to bolster production levels." The deal is the latest driver of growth at Encore, which now employs more than 300 people and in 2023 acquired a 103,000 sqft logistics site in Peterlee - on the site of the former Walkers Crisps distribution centre - to deal with demand.
Newcastle creative agency Drummond Central is toasting success after signing up global drinks giant Jack Daniel’s Tennessee Whiskey as its latest client.
The company produces advertising for global and national clients including Greggs, KitKat, Amazon Prime and bet36, as well as digital platforms, websites and other solutions. Now the firm, which became an employee-owned business in 2023, has announced it has partnered with the world famous drinks maker to serve up all of its on-trade advertising activity.
Jack Daniel’s has more than 150 years of history as one of the most recognisable whiskey brands in the world, and the two businesses are set to work together “to reignite the brand’s presence in bars, pubs and venues in the Ƶ”.
Drummond Central managing director, Dan Appleby, said: "Jack Daniel’s remains an iconic brand and unmistakable with every drop distilled in Lynchburg, and we’re excited to help bring the spirit of Tennessee back to bars and pubs in the Ƶ.”
Newcastle's Full Circle Brew Co is raising a glass to securing national listings in six Ƶ supermarket chains following its latest signing.
The brewery was founded in 2019 by Ben Cleary – son of the founders of the Lanchester Group of companies – amid aims to bring the family firm ‘full circle’ through a brewing operation. An empty warehouse was transformed with a brewing facility, taproom, liquor store and event space, from which the team, including head brewer Alex Redpath, have worked hard to produce outstanding beer.
Now trading for more than five years, the firm’s core range of Looper, Hoop and Repeater have won multiple awards and are listed in Asda, Sainsbury’s, Tesco, Co-op, M&S and Morrisons. Other key listings include Newcastle Airport for those looking to sup a familiar pint before jetting away on holiday, as well as link-ups with Moonpig, Hoi Polloy barbers and Deep North coffee in Tynemouth. It also created a collaborative beer with Odd Balls of South Shields, raising money for testicular cancer charity.
Its bestsellers Looper IPA and Repeater Session IPA are now listed in most of the supermarkets, alongside exclusive brews like Wacky Waving Inflatable Arm Flailing Tube Man DIPA at Sainsbury’s and Mixtape DIPA in Tesco. The signings mark a major milestone for the brewery, which recently claimed the title of Best National Double IPA from SIBA.
Founder Ben Cleary said: “Supermarkets are leaning into independent craft more than ever, and we’re proud to be flying the flag for Newcastle. Provenance and quality matter and craft drinkers want something real. These listings will help us reach even more customers, while reinforcing our brand in the on-trade.”
North East holiday company Hays Travel has acquired Essex business Spear Travels Group, together with its branches across the Ƶ.
Based in Upminster, Essex, Spears Travel Group has 12 branches in key towns including Skipton, Stokesley, Wolverhampton, Blanford and Northallerton, as well as a network of homeworkers.
The acquisition marks the first of the new financial year for Hays Travel and comes almost a year to the day since the Sunderland-based group acquired Welsh travel company Miles Morgan Travel and its 19 branches, which grew to 20 recently with the opening of a new branch in Trowbridge, Wiltshire.
Dame Irene Hays, chair and co-founder of Hays Travel, praised Spear Travels directors Peter and Libby Cookson and Derek Adams on their excellent business, citing the expertise and experience of Spear’s people as a key factor in the deal. Hays Travel has no plans to rebrand the firm’s shops, the majority of which are based in communities without Hays Travel branches.
Dame Irene said: “Spear Travels is an excellent fit for us - their product mix of land, cruise, and touring holidays aligns with our core objectives, and we have much to learn from each other. "
Newcastle engineering company BEL Valves has sealed an order worth £5m for the Murlach oil field development in the North Sea. The company, which manufactures valves for oil and gas and hydrogen and carbon capture installations, has supplied 20 valves to the recently recommissioned field based 203km east of the Aberdeenshire coastline.
The field, which has an expected lifespan of 11 years, is a joint venture between BP Exploration Operating Company (BPEOC) and NEO Energy, with the first oil extraction expected in 2025.
David Gallagher, project director of BEL Valves, said: “The Murlach Field Development Project is a really significant North Sea project and to have our slab gate valves playing such a vital part in its operational safety is a great reflection of the trust the industry has in our products.
“We’ve been manufacturing valves for the oil industry since the mid-1960s and our reputation for quality and reliability is second to none. And with our ability to design and manufacture bespoke solutions; deliver fast-track orders and provide full life cycle support, it’s understandable why BEL Valves is held in high esteem by infrastructure specifiers and contractors all over the world.”
