A specialist County Durham engineering contractor is to double its turnover by expanding across the UK and Europe after securing a five-figure investment from the North East Small Loan Fund Supported by The European Regional Development Fund.
DT LPG Technology specialises in the installation, repair, testing and maintenance of telemetry and monitoring systems used in the liquified petroleum gas (LPG) sector, and is already the biggest telemetry installation specialist in the LPG industry.
The Stanley-headquartered firm has worked with regional fund management firm NEL Fund Managers to bring in a £50,000 investment which will give it the resources to continue to grow and develop the business into other industries that require telemetry systems.
It is expecting to add at least five new recruits to its existing team of fifteen engineers in the first instance and is looking to increase its presence within the UK, Ireland and mainland Europe.
It is also now looking to expand the volume of preventative management and maintenance work that it carries out on clients’ telemetry systems.
DT LPG Technology was set up three years ago by director David Thomas, who had worked in the sector for more than 14 years.
He says: “The professional services we provide are essential to the safe and efficient operation of LPG telemetry systems and we’ve quickly built up a strong reputation for the quality of our services with some of the World’s largest suppliers of telemetry and monitoring systems.
“We already work with clients right across the UK and Europe, but there are real opportunities to grow our presence and will be allocating resources to these locations to make sure we can do so.
“We also have the only complete UK-wide team of technicians who are fully trained and competent to carry out all aspects of works required by our clients and expect to see this team continuing to grow as the business expands.
“We’ve set ourselves some ambitious growth targets, but are confident that we’ve now got the resources, as well as the expertise and experience, that we need to hit them.
“NEL’s investment model fit well with our requirements and their backing gives us what we need to take the business to the next level.”
Jonathan Armitage, Investment Executive at NEL Fund Managers, adds: “DT LPG Technology has shown that it has the expertise that its clients require, as well as the right business model for delivering it, and we’re pleased to be part of the next stage of their growth strategy.”
Part of the £130m North East Fund and aimed predominantly at smaller SMEs, the £9m North East Small Loan Fund typically offers loans of up to £100,000 to businesses in Tyne & Wear, Durham and Northumberland.
It is designed to assist with the creation of over 1,200 new regional jobs in more than 320 SMEs over the life of the fund.
The overarching £130m North East Fund will provide financial support for more than 600 businesses, creating around 2,500 jobs and delivering a legacy of up to £80m for further investment into the region.
NEL Fund Managers is also responsible for managing the £18m North East Growth Capital Fund, which offers unsecured investments of up to £500,000 to established businesses looking to realise their growth potential.
For more information about NEL’s investment criteria, visit www.nel.co.uk or contact the investment team on 0345 369 7007.