Investment boost for Newcastle engineers
After receiving a £250,000 investment, a Newcastle based engineering business is now eyeing up opportunities overseas.
Patrick Parsons Limited, who specialise in civil and structural engineering design services, now hopes to double its turnover and increase its workforce by over 50 percent in the next 12 months.
The firm received the investment from the Finance for Business North East Growth Fund, in a bid backed by NEL Fund Mangers. NEL previously supported Patrick Parsons Limited in 2007 when managing director Peter Steinlet led a buy-out of the Parsons Group.
This move will help the company expand the range of services it offers, and will give them the change tot take advantage of new commercial opportunities.
Peter Stienlet says: “Part of the reason that we’ve been able to succeed in what is still a difficult market is the proactive approach we take to generating work – rather than waiting for tender opportunities to come to us, we’re putting together the resources required to develop schemes and finding partners to work with to make them happen.
“Having worked with NEL in the past, we understood how they could help us and had the relationships in place to make it happen – their support gives us the chance to really build on the progress we’ve made since the MBO, and their confidence in us is greatly appreciated.”
NEL is now looking to make around 130 investments over the next five years. Commenting on the investment, David Thomas from NEL Fund Managers said: “PPL’s progress since the MBO has been very impressive, especially given the backdrop of the general economic climate, and the momentum that this investment provides will help the management team realise the next stage of their ambitions.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .