A HUSBAND and wife team who have invested £350,000 in their business after spotting an opportunity in the market have won two new contracts worth £500,000.
Engineer Kevin Henry, 51, started 3G Titanium in 2010 with his wife Yung Li after securing a deal with a Chinese supplier, which offers the same quality of metal at a cheaper price than US and Russian competitors.
The North Shields firm has invested in an ultra-high pressure water jet cutting system (UHP) which has enabled them to offer a complete importing and cutting service, helping the firm secure lucrative contracts to manufacture sub-sea buoyancy aids and seawater buffer tanks.
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Mr Henry said the new contracts will lead to further growth and create seven new jobs in the UK directly and a further five new jobs indirectly as they plan to develop a new UHP cutting system.
Mr Henry, who has over 30 years of experience in engineering, said: “These new contracts are fantastic news for the company.
“It’s always a gamble to diversify your business but it’s really paid off for us.
“We hope these new contracts will be the stepping stone to further European and International growth.”
With financial support from the Investment for Growth fund, the company was able to secure the contracts after applying for important ISO and AS190 accreditations which are demanded by the industry.
Mr Henry said: “To be able to move into the rapidly growing sub-sea and aerospace industries and quote for bigger contracts we needed to ensure our quality management systems were accredited.
“Investment for Growth has been able to help us gain these accreditations so now we can push forward to win more contracts and create further jobs.”
The scheme was able to provide 40 per cent of the funding needed by the company to apply for the internationally recognised accreditations.
To find out about Investment for Growth call 0191-426-6408 or email firstname.lastname@example.org.