A CABLE maker aims to double its workforce and turnover with a six-figure investment.
Atag Cable Solutions, in Newton Aycliffe, County Durham, has received support from NEL Fund Managers as it targets larger contracts.
The firm designs, makes, tests and supplies cables for a number of industries, including the electronics, oil and gas, marine and energy sectors.
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The company, which has won work in Canada, Turkey and Germany, employs seven workers and has £600,000 turnover.
Bosses say it will use the cash, from the Finance for Business North East Growth Fund, to increase both in the next 12 months, bringing in skilled staff and investing in new cabling production.
The firm was founded in 2012 and is led by managing director Andy Graham, after its management team bought the equipment used by Atag’s predecessor when its parent company fell into administration.
David Hazeldine, Atag’s business development manager, said: “Our success has been based on the quality and reliability of our products, which are made to far higher standards.
“After just over a year in business, we think we’re only starting to realise the company’s potential.
“There’s substantial demand for custom-made cables from both domestic and overseas markets, which is reflected in the month-on-month gains we’re consistently recording.
“We’re already recruiting to allow us to extend our operating hours and stay on top of what customers want.
“The new products we’ll be making will give us a stronger position in a number of key markets, while achieving the quality standards we’re working towards will enable us to tender for a wider range of bigger contracts with clients that demand these sorts of guarantees from their suppliers.”
David Thomas, NEL Fund Managers’ investment executive, said it was pleased to be supporting another North-East manufacturing firm.
He added: “Manufacturing has been one of our core investment markets for many years.
“Atag’s commitment to quality and ambition to expand has earned it a well-deserved position in our investee portfolio, alongside some of this sector’s best-known North East names.”
Aimed at regional businesses looking to develop and grow, the Growth Fund forms part of the wider Finance for Business North East Fund.
Managed by North East Finance, it will see £125m of investment capital injected into the region by the European Investment Bank and the European Regional Development Fund over a five-year period.