Six-figure investment into door manufacturer Conduit Construction Network Ltd (CCN) has seen the firm expand into new premises and create jobs.
A £600,000 funding package from the Finance Durham Fund, managed by Maven Capital Partners and established by Durham County Council, has allowed CCN, which had employed about 80 people, to relocate from South Shields into a 54,500 sqft facility at Belmont Industrial Estate. The move also comes with the creation of 30 new jobs at the family business which supplies doors and screens to a range of sectors including health and education.
Significant capacity has been added to CCN's operation in Durham and investors said the package had been used to fit out the new factory as well as purchase new machinery. The investment will also allow for an expanded product range and faster, more efficient manufacturing resulting in shortened lead times.
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Kerman Vandriwala, finance director of CCN, said: "The relocation of CCN to Durham was a significant step towards achieving our growth aspirations. This was secured with substantial financial and professional support from Finance Durham.
"Within six months of the move CCN are already benefitting from the cutting-edge manufacturing machinery investment resulting in reduced unit costs at a time of exceptional inflation. We will now be in a position to competitively expand our service, quality and technical support levels to our customers."
CCN also said it was planning to establish a manufacturing training centre in the future. The firm was set up in 2005 by father and son Laurence and Chris Maguire. After his father's retirement last year, Chris Maguire was appointed managing director.
David Nixon, senior investment manager at Maven, said: "CCN is an established business with a track record of stable growth and profitability. The business enjoys strong client relationships and a reputation for quality and reliability, which have enabled it to develop a pipeline of exciting opportunities.
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"The relocation to County Durham enables them to deliver much higher volumes and take advantage of prevalent market conditions to grow the business. We are delighted to support Chris and the team at this time and look forward to working with them to support their expansion plans."
Coun James Rowlandson, cabinet member for resources, investment and assets at Durham County Council, said: "We are delighted to have invested in CCN through Finance Durham to support their exciting plans, and to be able to welcome this growing company to the county.
"It’s a great example of how our Finance Durham Fund is helping to create more and better jobs, and contributing towards a strong competitive economy for the future. We encourage more businesses to follow suit and access the funding opportunities we have available through our Business Durham team."
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