Hundreds of new jobs could be created in the borough after a leading utility consultancy company moved into new premises.
Independent utility cost management consultancy Utilitywise plc is poised for further growth and to create more jobs after moving to larger premises at Cobalt Business Park.
The move to a new flagship headquarters comes after its latest financial results which showed a 105 per cent increase in revenue to £21million to January 31, 2014.
Utilitywise was established in 2006 with just four employees in Team Valley but has grown to 640 employees in the north east, making it one of the fastest growing companies in the region.
The company helps businesses get more value out of their energy and water contracts, reduce their utility consumption and lower their carbon footprint.
All staff currently based at Utilitywise House, in South Tyneside, will move to the new offices, with the space at Cobalt Business Park allowing for the potential of 560 additional staff.
Geoff Thompson, CEO at Utilitywise, said: “In only eight years we have grown from four employees based in Gateshead to today with over 800 members of staff located across the UK.
“With more and more businesses large and small looking to become energy efficient, we are confident there is further growth ahead and we are moving to larger offices to prepare for that expected demand.”
He added: “We have enjoyed a period of rapid growth from our headquarters in South Shields and have conducted a thorough evaluation of all of our property options in the region.
“We would like to thank South Tyneside Council for their support over the years. We remain committed to the north east region.
“This office move will prepare the company for future growth that will benefit the local economy with employment opportunities.”
Adrian Hill, director at Highbridge Properties plc, said: “Being able to attract a north east based PLC to Cobalt is further testament to the quality of our buildings and world class working environment.
“Utilitywise further enhances the tenant portfolio at the Park joining Proctor & Gamble, Hewlett Packard, EE and Santander.”
Mayor, Norma Redfearn, joined Geoff Thompson and Adrian Hill at the new state-of-the-art offices that will provide Utilitywise with double the floor space when employees are relocated later this year.
She said: “We are delighted to welcome this rapidly growing, dynamic company to North Tyneside.
“Utilitywise is creating a number of high calibre jobs for local people and we look forward to supporting the company with its ongoing growth plans in the future.”