THE future of a family-run metal company has been secured after it received critical funding – ending fears it would be forced to close.

Steelcraft, based in Chester-le-Street, County Durham, received a £50,000 loan from the Finance for Business North East Microloan fund, safeguarding all 23 jobs at the company.

The firm, which was established in 1989, manufactures architectural metalwork including railings, gates, stairs and balconies.

Matthew Rodgers, commercial director at Steelcraft, said the funding withdrew any possibility that the company would have to consider closing.

“That is a question that would have been asked if we hadn’t received the funding that we did.”

Mr Rodgers explained Steelcraft will use the funding to help towards its growth and diversification plans, which he said began over the last six months.

“We used to fabricate and install our products but now we have moved into manufacturing only.

“We have big plans to take advantage of a resurging construction sector as well as opportunities in other markets and we have now put the foundations in place to do so.”

Steelcraft’s products are used by house builders and the company has also supplied care homes and schools.

“Most of our work was done with local authorities, so during the credit crunch we started experiencing cash flow pressures.

“The local authorities were cutting spending and we had to push into new areas which we have found to be reasonably sustainable.”

Mr Rodgers also said the company was “keeping an eye” on the economic climate, following Britain’s decision to leave the European Union.

“Brexit did not directly impact us as we aren't invovled with exports and imports, but ultimately because we deal with house builders, it will go one way or another.

“There are signs in the construction sector that the confidence is there” he added.

James Holloway, investment executive at Rivers Capital, who are behind the North East Microloan Fund, said: “Steelcraft have a wealth of knowledge in this industry and they will use this to drive the business forward into its next phase of growth.”