Partner Article

Monitor Coatings has future covered

A NORTH Tyneside industrial coatings firm - which currently turns over £4m a year - is expanding its activity having secured £400,000 worth of investment.

Monitor Coatings is bringing a range of services that it currently sends out to sub-contractors in-house, and will use the money to buy the new equipment required to extend the range of services that the firm will soon be offering.

The firm, which currently employs 34, received the investment through from regional fund management firm NEL Fund Managers, via the Finance For Business North East Growth Fund.

Monitor Coatings, finance director, Philip Winspear, said: “Bringing these services in-house makes sense from both a commercial and a process efficiency point of view, and we’re convinced that it will equip us to grow the business at the speed we’re aiming for, especially with the pipeline of new opportunities that we can see lining up for us to address.

“We needed access to investment capital that we could access quickly when the right equipment purchasing opportunities came along, and the Growth Fund meets our criteria perfectly.”

The company currently has an annual turnover of around £4m, but believes that they should soon be able to significantly increase this figure.

Philip Winspear, added: “Our industry was quite badly affected by the recession, but we worked hard to retain the whole of our workforce, something that we knew would be crucial to our success once economic conditions began to improve.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .