AN electrical contractor plans to recruit another 20 staff after buying new premises twice the size of its old site thanks to a six-figure funding package.

CD Engineering Services Limited has moved from its rented premises in Middlesbrough to a newly purchased site in Stockton. The larger base will enable the business to increase its capacity and take on more staff to support its growth strategy.

The firm carries out electrical installation contracts for commercial and industrial organisations. In the previous year, revenue has risen from £1m to £1.7m and the business has secured £4.5m worth of work over the next financial year.

The business was established eight years ago by director, Peter Cass, and employs 41 people. Mr Cass plans to grow his team to 60, including taking on apprentices and experienced staff. Darren Charlton who has more than 20 years’ experience in the industry recently joined the business as a director.

Mr Cass said: “I’ve always wanted to purchase property rather than rent due to the greater degree of freedom that comes with it. With the recent growth we’ve experienced alongside support from Yorkshire Bank, I’ve been able to do just that. This purchase will lead to higher revenue for the business, allowing us to invest in recruitment in the near future.

Funding for the premises purchase was arranged by Angela Armbruster, relationship manager at Yorkshire Bank’s Customer Banking Centre in the North-East. She said: “CD Engineering Services has seen impressive growth over the last few years which is now set to increase. We are thrilled to have supported long-term customer Peter by providing the full purchase price of his new larger premises. We look forward to working with him in the future to continue helping him reach his goals.”