A Newcastle-manufactured manufacturer, which employs 230 people across the North East, is set to expand further after receiving funding from Barclays and The Journal’s Let’s Grow campaign.
ADM Pressings Limited, based at Scotswood Road, specialises in the pressing and assembly of metal products and works predominantly with the automotive sector, its clients including well-known names like Jaguar Land Rover, JCB and Bentley.
The company, which was acquired by the current owners through a management buyout in 2009, is on track to report turnover of more than £22m for the current financial year, up from £18.2m in 2013/14.
Now, with investment in new technology, it is looking to increase production further and create more jobs in the region.
Finance director Mark Thornton said: “The new funding from Barclays has assisted with the purchase of a new laser machine, part of a total investment programme totalling £2m, which has been supported with a grant from the Let’s Grow Campaign.
“This will enable us to increase production across our two sites as we move in to 2015.
“We are continually striving to improve the service we provide to our customers and, since the management buyout in 2009, we’ve more than trebled turnover and our workforce.
“It’s great working with a bank that understands our business and can provide a holistic solution for both our operations and future ambitions. We look forward to working with Barclays as we continue our expansion plans”
Peter Kirkpatrick, Barclays relationship director, said: “We’ve been working with Mark and his team since the MBO and it’s great that we’ve been able to support further expansion plans for the business.
“ADM Pressings Limited is a superb business that is crafting innovative products for the worldwide market and the management’s ambitious growth plans are testament to their success.”
ADM was one of the fastest growing companies in the North East last year, being featured in the Fastest 50 list compiled by The Journal and law firm Ward Hadaway.
It has received help from the Let’s Grow scheme run by The Journal with UNW and BE Group to hand out funding from the Government’s Regional Growth Fund.