Entrepreneurial trio invest major £50k into North Tyneside firm

Local entrepreneurs have launched a new manufacturing business in North Tyneside following help from North Tyneside Business Factory and a £50k Virgin StartUp loan.

Stephen Hornby, Michael Thompson and Martin Stokoe have launched Expert Precision Engineering from their new base in Benton Business Park to manufacture parts on behalf of the oil and gas, aerospace, marine and automotive industry.

The business has been launched with support from the Business Factory and a £50k loan from Virgin StartUp, the government-backed low-cost business loan designed to help entrepreneurs gain access to capital needed to launch new enterprises in the region.

Stephen Hornby, co-founder of Expert Precision Engineering, said: “Together we have decades of experience in the manufacturing and engineering sector…

“We wanted to create a new company that can take advantage of our skills to deliver a quality service with real growth potential.

“We are able to manufacture precision parts using CNC machines to customer supplied drawings and work one-to-one with clients from all over the UK to ensure the final product meets their specifications.

“We each have specific roles within the business based on our experience with Martin and Michael managing the manufacturing and technical aspects of the operation leaving me to manage Quality and the other support functions.”

Virgin StartUp is exclusively delivered in the North East by TEDCO Business Support.

The new base at Benton Business Park houses every aspect of the business, including manufacturing and back-office functions.

The team offer a sub-contracting service to manufacture parts and currently have contracts in place with a number of clients from various industry sectors.