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Steel firm secures £400,000 investment
A RAPIDLY growing engineering firm which is expected to have hit record turnover last year is set to continue expanding after securing a six-figure investment.
SBV Fabrications, which provides steel fabrication, mechanical engineering, machining and engineering site services to industrial, infrastructure and process sectors, has turned to regional fund management firm NEL Fund Managers for a £400,000 investment from the Finance for Business North East Growth Fund that it administers.
The firm, which employs more than 200 people at its premises in Middlesbrough and Hartlepool, recently diversified into the nuclear sector and established a specialist stainless steel fabrication facility, securing further contracts in the oil and gas, sub-sea, and mining sectors.
The funding is designed to help the firm to establish a stronger presence in these areas by investing in equipment and fabrication space as well as technical and operational staff.
After embarking on an expansion programme over the last three years, the company is expected to record its highest ever turnover of more than £12m for 2012.
Directors David Geary and Samantha Condren acquired the business in 2008, just before the recession began.
Ms Condren said: “The difficulties that everyone in our sector experienced when the recession hit are well known, but by widening our horizons, we equipped the business to not only get through the worst of the downturn, but to also be ready to capitalise on new opportunities as things began to slowly improve.
“The support that NEL provides for growing businesses like ours made them an obvious choice when we were looking for investment, and their insightful and helpful approach made the application process very smooth.”
For more information about NEL’s investment criteria, visit nel.co.uk or contact the investment team on 0845-111-1850.