Pharmaceutical manufacturer expands in North East thanks to Barclays funding

Global operator Classic Industries Europe Ltd is expecting significant growth after announcing expansion plans with funding from Barclays.

The medical and pharmaceutical manufacturer based in Middleton, Teesdale, employs over 500 worldwide and is planning to increase its workforce in the coming months. The undisclosed amount will allow Classic Industries Europe Ltd to expand into other areas of the UK.

John Pearson, chief operating officer of Classic Industries Inc said: “We’ve outgrown our current premises and so we’re expanding the size of our UK operations and anticipate a 25% increase in turnover over the next two years. Barclays has been instrumental in our growth plans and the expansion will enable us to increase production and provide an additional 4000 square feet for storage.”

Classic Industries Europe Limited employs 50 staff locally but with growth plans hope to increase the workforce in the coming months. The company, which specialises in clean room manufacturing, operates a highly automated facility. Turnover for the UK in the coming year is expected to reach £4.5 million.

Mike Wicks, Senior Business Banking Manager at Barclays arranged the funding and said: “Classic Industries Europe Limited is a global operator with a fantastic reputation in the medical and pharmaceutical sector. It’s great to see the business expanding their UK operations in the heart of the North East and creating employment locally. The future looks bright for this ambitious, well-managed company.”

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