A COUNTY Durham company which makes inventory control systems is planning national expansion, in a move which could help raise turnover to £15m and bring up to 20 jobs to the region.

Propeller Holdings develops systems which enable major manufacturing businesses to keep track of the materials used.

The Peterlee company already works with a number of North-East names, including NSK Steering Systems in Peterlee and Washington-based Rayovac, supplying its Propod system.

Yesterday, it was revealed that Propeller is targeting orders from major names across the UK, as well as aiming to break into new areas such as the nuclear industry.

Founded in 2001, and based in Peterlee since 2003, the company has established a reputation for its inventory systems. Its Pro-pod system uses radio frequency identification technology to track and trace the movement of inventory products.

The company will build on the Pro-pod sytems with the launch of ProVyda lineside vending machines, which make products easily available on the shop floor, but which use the same technology to monitor stock levels and usage.

Managing director Carl Brookes said: “Our aim is to take the company’s annual turnover up to £15m within the next three years, and to increase the workforce from 20 to 38 over the same period.

They are ambitious targets, but we believe we have the technologies and market expertise we need to achieve them on schedule.

“Over the past few years, Propeller has capitalised on our knowledge in this area to develop systems which help our customers successfully address their requirements in this area. We’ve been very successful so far, and are now poised to move forwards at an even greater pace with our development of new and everbetter products.”

The company’s growth plans are being supported with a six-figure investment from Evolve Finance, the specialist debt and mezzanine finance arm of regional fund management firm NEL Fund Managers.

Nick Edgar, investment executive at NEL Fund Managers, said: “The Propeller management team has demonstrated clear understanding of both its customers’ needs and the technologies required to address them, and their plans for future development presented a very attractive investment opportunity for us.”