Newcastle manufacturer forecasts 20 per cent growth following £4.5m investment

Manufacturer Pryme Group has predicted a growth of 20 per cent in 2019 following securing £4.5m in funding for further expansion and acquisitions.

After receiving the funding from Independent Growth Finance (IGF) the integrated oil and gas, aerospace and defence manufacturing specialist anticipates it will grow revenue by one fifth this year, despite an overall downturn in its primary industries.

Kerrie Murray, Pryme Group CFO, said: “Just two short years after a shaky period for the gas and oil industry we are now in a position of strength, with more people, capabilities and capacity to our name than ever before.

The company anticipates that over the next five years, 150 employees will be based at Pryme Group’s new ‘centre for excellence’ in North Shields.

Speaking about IGF’s investment, Kerrie continued: “IGF got to know the company and the management team which has helped us achieve a great working relationship in a short space of time. They took the time to get to know the company’s challenges and aspirations and as a result we see this partnership continuing for many more years.”

Jon Hughes, commercial director ABL, IGF added,“There’s nothing I enjoy more about my job than supporting a partner through a period of downturn and watching them come out the other side stronger than ever.

“IGF is proud to support British SMEs, ensuring they remain independent and focused on what they do best.”