UK Steel Enterprise has provided more than £100m of financial support to aspiring businesses across the UK following its latest deal, its board has revealed.

The organisation, which was founded over 40 years ago and works in traditional steel-working areas across the UK including Tees Valley, Derwentside and West Cumbria in the North, to help businesses grow, recently agreed a six-figure deal with dynamic Scottish biopharmaceutical firm, Antibody Analytics.

Simon Hamilton, managing director, said: “This is a fantastic time for UKSE. We work hard to support companies across the UK and we are truly proud to have reached the £100m milestone.

“The steel industry has experienced significant change over the years, but UKSE has supported the entrepreneurial spirit that exists up and down the country and helped many worthwhile companies to grow and create new jobs.

“UKSE’s achievements are a testament to how management and unions can work together constructively to regenerate steel communities and drive new growth.”

UKSE was established in 1975 by the then British Steel Corporation to encourage economic regeneration and job creation in traditional steel communities by providing support, finance and premises to growing businesses. To date it has supported 5,500 businesses across the UK including 1,300 in Teesside and the North, creating almost 17,500 jobs.

Mr Hamilton added: “It is extremely rewarding to support Antibody Analytics, and I’m looking forward to seeing the team grow and develop more life-saving medicines.

“We are passionate about regenerating steel areas."