£500k funding for Newcastle security firm to create 20 regional jobs
Newcastle’s Bastion Security Products has secured a £500k investment from the North East Growth Capital Fund Supported by the European Regional Development Fund.
The investment will go towards business growth and the creation of up to 20 new jobs.
Bastion, which has been providing protection from the ever-evolving threats of the day across three decades, recently won a major defence contract for its highest level system, which has the potential to run until 2024.
Bastion worked with regional fund management firm NEL Fund Managers to secure the investment, which will be used to fund R&D projects, both to improve existing products and develop new ones.
Managing director Tom Deevy, who has a long association with the intelligence and security sectors, said: “The Bastion name has a long and distinguished reputation in the UK since the 1980’s, based upon excellent products which resolve the threats of the day.
“Our industry-leading product warranties and customer service levels are also hugely appreciated. Terrorist and organised crime threats are constantly changing and therefore the protective responses need to adapt too.
“The NEL investment will ensure our rapid growth is properly funded and 20 new positions created. We’re grateful for NEL’s faith in us and the eminently professional way the investment has progressed.”
The company is also planning a major export drive into security-friendly new markets and, over the next five years, aims to become the UK benchmark supplier of highest-level multi-threat modular systems.
David Thomas, investment director at NEL Fund Managers, added: “Bastion sets the benchmark for its industry, a fact backed up by the quality of the contracts it is winning, and we’re extremely pleased to be investing in the firm’s scaleup and job creation plans.”
The North East Growth Capital Fund has been designed to create around 790 jobs in over 70 regional firms over the life of the programme and offers unsecured investments of up to £500k to established businesses looking to realise their growth potential.
The overarching £120m North East Fund will provide financial support for more than 600 businesses, creating around 3,500 jobs and delivering a legacy of up to £80m for further investment into the region.
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