North East medical and pharmaceutical manufacturer Classic Industries Europe Limited has unveiled expansion plans following funding from Barclays.
Classic Industries Europe Limited, a global operator that employs over 500 people worldwide, established its UK operation in 2009 in Middleton in Teesdale, County Durham, where it designs and manufactures products for the medical and pharmaceutical markets.
Its US parent has been operating since 1971 and has also been providing contract design, technical assembly and logistics services, using the most advanced technology and engineering expertise.
Now the firm, which is on course to turn over £4.5m in the coming financial year, is bursting at the seams in its Uk headquarters, prompting it to secure funding for an undisclosed amount from Barclays to pave the way forward for its expansion.
John Pearson, chief operating officer of Classic Industries Inc said: “We’ve outgrown our current premises and so we’re expanding the size of our UK operations and anticipate a 25% increase in turnover over the next two years.
“Barclays has been instrumental in our growth plans and the expansion will enable us to increase production and provide an additional 4000 square feet for storage.”
Classic Industries Europe Limited, which posted pre-tax profits of £363,195 and turnover of £4m in 2013, employs 50 staff locally but with growth plans hope to increase the workforce in the coming months.
The company, which specialises in clean room manufacturing, operates a highly automated facility.
Mike Wicks, senior business banking manager at Barclays arranged the funding and said: “Classic Industries Europe Limited is a global operator with a fantastic reputation in the medical and pharmaceutical sector.
“It’s great to see the business expanding their UK operations in the heart of the North East and creating employment locally. The future looks bright for this ambitious, well-managed company.”