Funding the North East manufacturing and engineering space
Share this Article:
As one of the UK’s most active SME finance providers, Maven has invested over £50 million in manufacturing and engineering businesses and has played a vital role in fuelling growth in these sectors.
The UK has a proud history in manufacturing, with the North East having a particular strength in this sector. Home to a range of dynamic businesses, last year the industry continued to enjoy growth in the North East with new businesses launching at a faster rate than anywhere in the UK. According to the Regional Manufacturing Outlook from industry organisation EEF the number of manufacturing companies in the North East increased by 3.9% to 4,235 businesses in 2017, the fastest growth in any region.
At the heart of the region is the County Durham Engineering and Manufacturing Network (CDEMN), a membership forum created to support companies ranging from international brands such as Palram, global leader in manufacturing thermoplastic sheets, and Mecaplast, leading European automotive equipment manufacturer, to innovative and diverse SMEs such as precision engineering specialists, Dyer Engineering and leading UK plastic injection moulding company, Formula Plastics. The mix of large home grown firms and small to micro businesses make up the area’s thriving manufacturing and engineering industries. With manufacturing accounting for 9.6% of the region’s total workforce the sector contributes millions of pounds to the North East economy.
Ben Gilhespy, Director of Operations at CDEMN, said, “CDEMN’s activity grows in scale with each passing month. The support we provide primarily comes through our varied partners, each with a specific skill aimed at helping businesses to cope with day-to-day operations and plan for a brighter future.
“Working with Maven has helped us to support a range of businesses who are already seeing the benefits of investment. Maven brings a unique and refreshing alternative to many other financial packages available. Their experience in the field and personal approach cultivates the type of relationships with businesses in Durham that will help drive companies with ambition to succeed.”
With over £300 million invested in growing businesses since 2009, Maven has a history of investments in innovative manufacturing and engineering companies. Maven funding can support a business at any stage of its growth cycle and cover a wide range of corporate activity including MBOs and buy-and-build strategies, as well as the provision of acquisition finance, development capital and replacement capital.
Locally, the Maven team invested in Durham-based Martel Instruments, one of the UK’s leading manufacturers of compact printer and LCD modules, which supplies products to a global customer base across a range of industries including automotive, medical, transport and retail.
Winners of the Manufacturing Innovation Award at Insider’s Made in the North East Awards 2017 for its work on VIDA 4.0, Martel’s newest product offers enhanced computing capability and wireless Internet Of Things (IOT) connectivity for new and existing equipment in a low-volume customizable platform.
Keith Walker, Managing Director of Martel, said, “Maven has supported Martel in investments ranging from infrastructure to new product development and continues to participate actively in the development of the company’s brand.”
If your business is in need of finance to help unlock its growth potential, the Finance Durham Fund may be able to help. Contact our team today on Tel: 0191 731 8595.