A MULTI-MILLION pound investment in a North-East engineering company has created ten jobs, safeguarded another 60 and helped kickstart expansion.

Cordell Group, which has seven sites in the region, including its head office, secured the funding package from Santander Corporate Banking after landing a major maintenance contract in Grangemouth, near Falkirk, Scotland.

The contract will help secure 60 jobs and provide a platform for future expansion in Scotland.

The funding safeguards expansion plans to meet the demands of existing clients for the machining and panel build capabilities, which will generate ten jobs in Teesside.

The company’s headquarters are in Stockton and it has premises in Middlesbrough, Thornaby, Redcar and Sunderland.

It provides project management and multidisciplined engineering design, manufacturing and construction services.

The firm, formed in 2000 following a merger of Darlington Engineering and Cordforth Group, works with industry sectors including petrochemical, chemical, oil and gas, steel and power generation.

Its portfolio now includes structural fabrication, pipework services, research and development and machine and offshore services.

The company now employs 700 staff across nine UK sites.

Cordell also operates strong graduate and apprenticeship development programme, and has 57 apprentices.

Nigel Park, finance director, said: “This new financing package with Santander Corporate Banking provides us with a solid platform from which we will be able to fulfil our growth ambitions as we continue to respond to increasing demand for our services.

“We are delighted with the service we have received from Santander. Their sector knowledge and in-depth understanding of our business means they were able to structure the right deal to fit our needs and ambitions.”

Graham Moore, of Santander, said it was committed to building long-term relationships with customers and to taking the time to get to know their business.

“Cordell Group is a strong, diverse business with an innovative management team and we look forward to a long working relationship going forward.”