A DOOR, panel and worktop manufacturer and supplier aims to create jobs and bolster its £5m turnover after completion of a management buyout.

North-East Sheets and Panels Limited is now under the guidance of Richard and Lisa Williams.

The duo secured investments of £200,000, made up of £50,000 in equity, a £150,000 unsecured loan from UK Steel Enterprise and £400,000 from Independent Growth Finance.

The company, based near Stanley, County Durham, was founded in 1997 and has a workforce of more than 30 staff.

With customers across the UK, it has a particularly strong presence in the North-East, Scotland and Yorkshire, and officials say the buyout will help grow its workforce and strengthen its reputation across the kitchen, bathroom and bedroom sectors.

Mr Williams, the business’ new managing director, who has been with the company since 2009, said the change will supercharge the firm’s growth.

He said: “We expect our workforce to grow in double figures over the next two to three years, and we have already taken on two additional people.

“We are fortunate to have a high-quality and skilled workforce available on our doorstep.

“The growth in the home improvement market is helping to drive our growth and the demand for bathroom cabinets is proving to be an area with particular potential.

“We are very pleased our confidence in the future of the business has also been recognised by our investors.”

Mr Williams also praised Annfield Plain-based Harlands Accountants and law firm Swinburne Maddison, based in Aykley Heads, on the outskirts of Durham City, for their support in the process.

Peter Taylor, business development manager at UK Steel Enterprise, Tata Steel’s business support subsidiary, said he is excited for North-East Sheets and Panels’ future.

He added: “This buyout of a well-established manufacturing business at the heart of one of our steel areas, has not only retained but is already creating valuable jobs for Derwentside.

“With a strong and experienced management team in place we are confident it will continue to prosper.”

Richard Spielbichler, of Independent Growth Finance, added: “We could see the business was a long-established North-East cabinet maker with a high-quality customer base, so we were committed to helping the buyout team take the company to its next ambitious stage of growth.”