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Jobs created at North-East plastics firm
A plastic moulding companyhas opened a new production facility in Hartlepool, creating up to 25 new jobs.
Based on the Riverside Business Park in Blyth, Northumberland Omega North East designs and manufacturers machinery for plastic injection moulding, supplying companies in sectors such as automotive and medical, with customers including Aston Martin and Unilever.
The company was established in 2006 by managing director Dave Crone and chief executive Chris Thompson, who together acquired the business following the demise of the Fitstogether business.
The firm has now opened a new factory on the Queen’s Meadow business park in Hartlepool, adding five new members of staff and a new apprentice to its team of 30, and with plans to create a further 20 positions over the next three years.
To fund its growth plans, the company approached its banking partner Lloyds TSB Commercial for the £200,000 loan, and was introduced to Lloyds TSB Commercial Finance to secure a £400,000 hire purchase facility to purchase the new site and add further machinery to its Blyth premises.
The new expansion is also expected to drive the company’s turnover to between £5-£6m in the next three years from £3.2m.
Dave Crone, managing director of Omega North East, said: “The opening of the Hartlepool site marks a new chapter in our growth, and will help us to maintain the rapid growth we’ve seen over the past six years.
“Our work is interesting and varied because we provide a bespoke service for our customers, helping design products for their specific needs, from individual inventors to high value branded producers, and there are still lots of opportunities for further expansion.
Mike Gascoigne, relationship director for Lloyds TSB Commercial, said: “Omega North East is a great example of how a well-run business can continue to thrive and expand despite ongoing economic uncertainty.
“The company’s continued success and impressive list of clients is a testament both to its ability to successfully exploit a niche market area as well as to the quality of the firm’s products. We’ve been able to support Omega North East in the past with a range of lending tailored to its specific needs at that time.
“We have a wide range of funding options available for businesses looking to grow, and as part of our commitment to supporting strong firms across the UK, Lloyds Banking Group has increased its 2012 target for gross lending to SMEs to £13 billion.”
Keith Bowden, regional manager - HP & Leasing - North for Lloyds TSB Commercial Finance, said: “Hire purchase facilities can enable businesses to obtain funding to purchase significant assets needed for growth opportunities, allowing them to spread the cost without having to fund them from working capital.
This is particularly suitable for manufacturers like Omega North East, due to the high cost of the machinery they use, which is essential in order to increase their output capacity.”