An engineering firm says outside investment has helped boost future prospects.
Rotational Engineering designs and manufactures a range of rotational steel moulds that are predominantly used in the plastics market, and works with clients in the UK, Europe and North America.
In 2010, the Wallsend-based firm worked with regional fund management firm NEL Fund Managers to secure a £75,000 investment from the Finance For Business North East Growth Fund to help take advantage of a range of new commercial opportunities and invest in new team training resources.
And having completed the investment period, Rotational Engineering is now looking to build on the progress it has made.
As well as providing the working capital required to fulfil a number of new contracts, the investment also enabled an existing apprentice to complete their training with the firm before taking on a full-time, permanent role.
A further apprentice has now been taken on, along with two other new recruits, and another member of the team has begun work on a Masters degree in Business Administration.
Set up in 1994 by husband and wife team Neil and Pat Davidson, Rotational Engineering initially manufactured the steel moulds used to make traffic cones, but quickly added many other bespoke items to its range.
Company secretary Pat Davidson said: “NEL’s involvement not only provided the financial investment we were looking for, but also gave us the impetus to review our business processes and identify how we could plan and operate our work even more effectively.
“NEL supported us at a time when other sources of funding weren’t readily available, and the capital we received enabled us to secure new contracts that would previously have been out of our reach.
“We have a highly skilled and experienced workforce, and we’re now in a strong position to build on the progress we’ve made over the last five years, both in domestic and overseas markets.”
Lindsey Grieves, portfolio executive at NEL Fund Managers, adds: “We invest in quality management teams and the team at Rotational Engineering fit this bill perfectly.
“Their success is a clear example of the positive impact that investment capital can have on ambitious companies’ prospects, capacity and commercial performance, and it’s great for us to have been able to contribute to another North East success story.”
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0845 111 1850.