A MANUFACTURER on Teesside expects to increase its turnover ten fold and create jobs following an investment of more than £1m from fund management firm NEL.

Abstract Polymeric, on the Durham Lane Industrial Park, in Eaglescliffe, supplies specialist chemical surface coatings, from invisible security inks used on passports to households paints and leather finishing.

Having secured the investment through NEL's debt and mezzanine finance division, Evolve Finance, Abstract Polymeric will launch a bespoke product manufacturing service, offering tailor-made products to small and medium-sized companies.

Mezzanine financing is a mixture of debt and equity financing.

Managing director Darren Strafford said the move was likely to increase the company's turnover ten fold, to between £2m and £3m a year, over the next four years.

"The investment will take us from the research and development pilot stage, to a level of sustainability where we will be able to increase turnover and create jobs," he said.

"The chemical industry is heavily dominated by major companies that have a set product range and don't have the flexibility to provide tailored products to customers at the lower end of the market

"This has created a niche in which we can operate - where we can offer bespoke services and products."