News Article
The future of an engineering company has been secured thanks to a £95,000 grant from regional development agency, One North East.
Although Tharsus Engineering was doing well, enjoying 30 per cent growth during 2005, the funding boost will be vital to its continued progression.
It has enabled bosses at the Hebburn-based firm to take on 12 new people, increasing its workforce to over 50. Tharsus is an engineering and heat metal manufacturing company, which works with companies in the electronics, transport and telecommunications industries.
One North East’s Selective Finance for Investment (SFI) programme
has helped Tharsus to invest in state-of-the-art laser cutting equipment, which it uses to cut thick sheets of metal.
Brian Palmer, managing director of the 40-year-old company, said:
“The past 12 months has seen Tharsus grow by around 30 per cent, so it has certainly been a successful year.“But when the business grows there are also greater cash risks and two of things the grant from One North East has helped us with are payments and internal costs.
“It has also helped the company take on 12 new employees, and invest in some high-tech equipment, laser profilers, which uses a beam of light to cut through metal.
“Thanks to the grant, we have a lot more confidence and are able to move forward to look for new business and exploit new markets.”
Brian Palmer bought the company seven years ago when the company was facing an uncertain future. But since then significant investment has been made, including £470,000 this year, to turn around the company’s fortunes.
David Allison, Director of Business and Industry at One North East, said:
“Tharsus is an excellent example of the type of company that can really benefit from SFI support. Although it is investing its own funds into developing the company further, grant support at the right time and in the right way has helped it to introduce new equipment and new workers that will enable even greater growth.“Businesses like Tharsus are extremely important to the future of our region.”
For more information about SFI support contact the Business and Admin team at One North East on (0191) 2296200.
For more information please contact: Leanne English, press office, One North East, on Tel: (0191) 2296738, mobile no: 07717 154278, or email:
Leanne.English@onenortheast.co.uk
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