Posted on Tuesday 15 January 2013 by Ulster Business
Sean Phelan, Managing Director of Maydown Precision Engineering is joined by Alastair Hamilton, Chief Executive of Invest Northern Ireland and Paul Millar, Chief Investment Officer of WhiteRock Capital Partners, to announce the £500,000 loan.
Maydown Precision Engineering Ltd is among the first of 18 companies to have already secured approval for finance from the Fund, which launched only in June last year and commenced its investment period from September.
Finance for the £50m Growth Loan Fund – which provides mezzanine finance to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest NorthernIrelandand private investor, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Established in 1985, Maydown Precision Engineering is now one of the largest subcontract engineering companies inNorthern Ireland, manufacturing machine components and small sub-assemblies predominantly for the aerospace industry throughout theUK, Europe, US andAsia. The company is supplying key components to Bombardier, Airbus and Boeing aircraft programmes.
The firm currently employs around 100 people at its site in Maydown and says that the loan from the Fund will help underpin these jobs as it responds to recent business wins and a steady growth in demand for its services.
“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.”
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 theDerryregion 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.”