AN electric vehicle charging equipment supplier is driving ahead with a threeyear growth plan it says will create jobs and take annual turnover to almost £8m.

Elmtronics aims to take advantage of a “market boom” to become one of the UK’s leading firms in its sector by 2020.

Bosses are now seeking a £400,000 investment to help a predicted boost in sales, adding they expect to almost treble their 11-strong workforce, expand its head office in Consett, County Durham, and open a sister, satellite base.

The business, run out of Derwentside Business Centre, installs, maintains and oversees electric vehicle charging apparatus, with its clients including MetroCentre operator Intu Properties, sportswear firm Nike, and NHS Trusts and councils.

However, officials say the business, formed in 2013, is primed to extend its market presence in the residential sector, adding it is developing a concession-based charging model for hotels and retailers.

Anthony Piggott, technical director, said: “The electric vehicle market is predicted to expand exponentially over the next decade and our strategy, coupled with this market boom, will unlock huge growth potential.

“We’re actively seeking investment to help us focus on growth in key areas, including new innovative product offerings, the residential vehicle charging market and the creation of a concessionbased charging model to help us get into the largely untapped retail and leisure markets.”

The business, which has a second office in London, has seen turnover treble in the last 12 months and is anticipating an increase from £750,000 this financial year to £7.8m in 2020, with a profit of £900,000 and sustained growth of between 25 per cent and 50 per cent until 2030.

Sarah Slaven, interim managing director of Business Durham, which works on behalf of Durham County Council and runs Derwentside Business Centre, praised Elmtronics’ progress.

She added: “The company is already experiencing impressive growth and taking on more staff so its move to Consett couldn’t have come at a better time.

“The great thing about Derwentside Business Centre is that its office units come in a range of sizes, meaning it can accommodate businesses big and small, and allow them to expand without outgrowing the facilities.”