A Derry engineering firm says more than 110 jobs have been secured by a £0.5million loan from the north’s economic development agency.
Maydown Precision Engineering say the £500,000 loan from InvestNI’s Growth Loan Fund will also help create additional jobs over the next four years.
“Alongside new business wins such as the recent securing of a significant contract on the Bombardier C-Series, we are seeing a general steady increase in demand for our services - not just within the UK, but throughout Europe and US,” said Sean Phelan, managing director of Maydown Precision Engineering.
“While this is very encouraging for the firm, it does take our working capital requirements to a new level and this is where the Growth Loan Fund comes in.
“The £500,000 loan will not only help fund these increased working capital requirements, but will enable us to help secure all jobs at the firm and further increase our workforce over the next four years. The investment will also assist with ongoing training of new and existing employees.”
The company currently employs around 100 workers and supplies key components to Bombardier, Airbus and Boeing aircraft programmes. It is one of the first 18 companies to access the new fund.
Invest Northern Ireland Chief Executive Alastair Hamilton said:” It is encouraging to see a business like Maydown benefit from our Access to Finance scheme which has been specifically developed to bridge a gap in funding available to businesses.
“To hear firsthand the difference this funding will make to Maydown, enabling it to grow its business and employ more people, is positive news, not just for the company but also for the local community. I look forward to hearing of its continued growth and success in the months and years to come.”
A Belfast-based team of specialist advisors, WhiteRock Capital Partners LLP, has been established to respond to enquiries to the Fund by the consortium of three partners – Braveheart Ventures Limited; NEL Fund Managers and Clarendon Fund Managers, all of which are authorised and regulated by the FSA.
Paul Millar, Chief Investment Officer of WhiteRock Capital Partners LLP said: “2013 is a big year for the Derry region with the UK City of Culture 2013 and this good news on the jobs front – supported by the £50m Growth Loan Fund - from Maydown Precision Engineering will be a further boost to the region.
“This loan of £500,000 is the largest we have approved to date and Maydown is an excellent example of the type of firm the Growth Loan Fund is keen to support – demonstrating very strong growth potential and a thriving export strategy, underpinned by a commitment to R&D and innovation.”
For more information about the Growth Loan Fund’s criteria please contact firstname.lastname@example.org or go to www.growthloanfund.com