Electrical engineering firm AR Controls Limited has purchased new premises in Sunderland, following a £500k funding package from Lloyds Bank Commercial Banking.
Based on Sunrise Enterprise Park, the business match the backing with £100k of its own capital to secure a 16,000 square foot building at the site.
After outgrowing its two existing sites, the company is now looking to diversify and increase the efficiency of its operations, with its two smaller premises closing later this month. The new base will therefore enable AR Controls to manage large scale projects, say company chiefs.
In addition to mechanical and electrical technology development and upgrades, the business now supports the full manufacturing of industrial equipment for its North East customer base in the automotive and construction sectors.
The expansion of the business, which currently has a 20-strong workforce and an annual turnover of £1.5m, will look to recruit a further five staff, including two apprentices, by the end of 2017.
Andy Ramsey, Director at AR Controls, said: “We’ve seen considerable growth over the past year with an increased demand for our specialist services as we continue to strengthen our customer relationships. The funding from Lloyds Bank has enabled us to invest in the new premises, increase process efficiencies, improve communications across the business and also continue with our plans to diversify our services”
“As we bed into our new home we’ll also be looking to grow our team, which will include several apprenticeship roles. We’re extremely passionate about fostering young engineering talent in the region, which will in turn help to build the future of our business”
Dean Whitlie, relationship manager at Lloyds Bank Commercial Banking, said: “There are a number of untold positive stories in the North East region. AR Controls is a prime example of a business going from strength to strength and taking full advantage of the opportunities available across the region. The investment in operations and jobs being made by Andy and the team at AR Controls emulates findings from our third annual automotive report, published earlier this year”
“The research found that manufacturers in the UK automotive sector are looking to create new growth opportunities. On average they plan to invest 19 per cent of turnover back into their businesses over the next two years. This would create around 85,000 new jobs across the UK before 2019″
We’re committed to helping Britain prosper by supporting businesses like AR Controls, which is why we have pledged to provide a further £1 billion of new funding support to manufacturing businesses across the UK in 2017″