A HUSBAND and wife team who have invested £350,000 in their business after spotting an opportunity in the market have won two contracts worth £500,000.

Engineer Kevin Henry, 51, started 3G Titanium in 2010 with his wife, Yung Li, after securing a deal with a Chinese supplier, which offers the same quality of metal at a cheaper price than US and Russian competitors.

The North Shields firm has invested in an ultra high-pressure (UHP) water jet cutting system which has enabled it to offer a complete importing and cutting service, helping the firm secure lucrative contracts to manufacture sub-sea buoyancy aids and seawater buffer tanks.

Mr Henry said the new contracts will lead to further growth and create seven jobs in the UK, and five jobs indirectly, as they plan to develop a UHP cutting system.

Mr Henry, who has more than 30 years’ experience in engineering, said: “These new contracts are fantastic news.

“It’s always a gamble to diversify your business, but it’s really paid off for us.

“We hope this will be the stepping stone to further European and international growth.”

With financial support from the Investment for Growth fund, the company was able to secure the contracts after applying for important ISO and AS190 accreditations which are demanded by the industry.

The scheme was able to provide 40 per cent of the funding needed by the company to apply for the internationally recognised accreditations.

To find out about Investment for Growth call 0191-426- 6408 or email enquiries@ investment4growth.co.uk