Member Article

Marine equipment firm secure £250,000 from growth fund

A designer and manufacturer of marine tracking devices, based in the North East, has won £250,000 of funding through NEL fund managers. Succorfish make marine and onshore monitoring equipment that uses satellite technology through GPS and SMS systems. The fund, which was secured from the Business North East Growth Fund, will be used to explore new markets and grow the company’s workforce and infrastructure.

Based in North Shields, Succorfish produces devices that can be operated and monitored from anywhere in the world, and work in extreme weather conditions. The firm has already achieved international success as its products are used on fishing fleets and onshore vehicles for coastguards and superyachts worldwide.

George Henricks, commercial director at Succorfish, commented: “We looked at a number of different investment options, and turned down several approaches that we felt didn’t fit with what we wanted to do – NEL showed themselves to be fully engaged in learning about and growing the business, and their holistic approach and practical advice is already proving extremely valuable.”

The company has turned its attention to the construction industry, with plans to take advantage of a growing demand for plant and equipment monitoring systems. Mr Henricks added: “With around £165m of plant taken from building sites just last year, increasing our focus on the construction industry was a natural progression for the company, especially as our systems are already designed to operate in environments where their robustness will be severely tested.”

Succorfish secured the six-figure injection from the fund which is specifically designed for businesses looking for growth and development. North East Finance is managing the funding supplied by the European Investment Bank, which will allot £125m over a five year period. NEL fund managers, who awarded the fund to Succorfish, will make around 130 investments during this time to buttress companies in the North East.

David Thomas, investment executive at NEL, said: “The Succorfish management team has a definite idea of both where they want to take the business in the future and how they want to get there. It was clear to everyone that the type of investment support that the Growth Fund provides fits well with these requirements, and their plans offered a strong investment opportunity for us.”

This was posted in Bdaily's Members' News section by Miranda Dobson .