AN investment of £170,000 is set to spark a new era of commercial success for a long-established South Tyneside company.
The new management team at Tyneport Coatings, at Tyne Dock, South Shields, has received the investment package from the Finance For Business North East Growth Fund.
The firm, which develops and manufactures high performance coatings for use in the gas, oil, water, marine, construction and utilities sectors, can trace its roots back more than 40 years.
Tyneport Coatings has worked on a range of high-profile projects, including the Thames Barrier, the London Docklands development and the Suez Canal.
Managing director Les Hodgson and technical director Jason Fairbairn took over the company at the end of 2013 and instigated a programme of upgrades and investment in plant and facilities, in order to enhance the range and quality of services.
To support its plans, the management team turned to NEL Fund Managers for a £170,000 Growth Fund investment and are now aiming to achieve annual turnover of £25m over the next five years.
Employing 10 people, Tyneport Coatings also plans to at least double its production team.
Mr Hodgson said: “This is a strong business with a highly-skilled workforce and an excellent industry reputation and track record, and there’s every opportunity for us to build on this over the coming years.
“The quality of the products that we supply is evidenced by the importance of the projects in which they’ve previously been used, both in the UK and overseas, and the programme of upgrades we’ve been implementing across the business will help us bring even more of these prestige contracts to the North East.
“We’ve had a lot of support from suppliers and customers, and the progress we’ve made since taking the business over gives us great encouragement that we’re only just beginning to realise Tyneport’s potential.
“The NEL team took a very flexible, professional approach to working with us.”
, and we hope this is just the beginning of a relationship that will last as we go through different stages of development in the years to come.”
David Thomas, investment executive at NEL Fund Managers, said: “The Tyneport management team have a very clear vision of what they want the business to become, and have the commercial and sector expertise to make it happen - ambition like this deserves proper recognition and we’re very pleased to be working with them.”