A specialist County Durham engineering firm is set to expand across the º£½ÇÊÓƵ and Europe after securing a five-figure investment.
DT LPG Technology specialises in the installation, repair, testing and maintenance of telemetry and monitoring systems used in the liquified petroleum gas (LPG) sector, and it is now looking to increase its presence within the º£½ÇÊÓƵ, Ireland and mainland Europe.
The Stanley based firm has worked with regional fund management firm NEL Fund Managers to bring in a £50,000 investment from the North East Small Loan Fund Supported by The European Regional Development Fund, which will give it the resources to grow, as well as develop into other industries that require telemetry systems.
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It is expecting to add at least five new recruits to its existing team of 15 engineers, while also looking to expand the volume of work it carries out on clients’ telemetry systems. DT LPG Technology was set up three years ago by director David Thomas, who had worked in the sector for more than 14 years.
He said: “The professional services we provide are essential to the safe and efficient operation of LPG telemetry systems and we’ve quickly built up a strong reputation for the quality of our services with some of the world’s largest suppliers of telemetry and monitoring systems. We already work with clients right across the º£½ÇÊÓƵ and Europe, but there are real opportunities to grow our presence and will be allocating resources to these locations to make sure we can do so.
“We’ve set ourselves some ambitious growth targets, but are confident that we’ve now got the resources, as well as the expertise and experience, that we need to hit them. NEL’s investment model fits well with our requirements and their backing gives us what we need to take the business to the next level.â€
Jonathan Armitage, investment executive at NEL Fund Managers, adds: “DT LPG Technology has shown that it has the expertise that its clients require, as well as the right business model for delivering it, and we’re pleased to be part of the next stage of their growth strategy.â€
Part of the £130m North East Fund and aimed predominantly at smaller SMEs, the £9m North East Small Loan Fund typically offers loans of up to £100,000 to businesses in Tyne & Wear, Durham and Northumberland. It is designed to assist with the creation of over 1,200 new regional jobs in more than 320 SMEs over the life of the fund.
