Member Article

Grimsby engineering firm expands with bank backing

Engineering business Technica Ltd has announced expansion plans with funding from Barclays.

Technica Ltd, based at Cherry Tree Business Park, Grimsby, was established in 2007.

The company, which is managed by a core of engineers, designs, constructs, maintains and supports multi-million pound industrial projects for the gas, petrochemical and chemical sectors.

Clients include Excelerate Energy, National Grid and United Utilities and the company, which operates globally, project manages all aspects of commissioning.

Bryan Creed, director, Technica Ltd said: “We’ve managed to buck the trend and have been growing organically in the UK and also expanding our work overseas.

“Barclays has doubled our working capital facilities which will help support our new contracts in Pakistan and Puerto Rico which is fantastic news for the company.

“It’s great working with a bank that understands our business and can provide a holistic solution for both our operations and future ambitions.”

Technica employs 46 staff locally and turnover is expected to increase to £6 million in the next year. International trade is a massive part of the business and foreign trade facilities are crucial for their success.

Dan Wilson, relationship director with Barclays said: “It’s great news for Grimsby to see an established company like Technica thriving in the current climate and this deal demonstrates that we are open for business for well managed companies seeking to expand.

“It’s imperative for the economy that we are able to supply funding lines for existing and future clients as well as providing operational banking requirements and the future looks bright for this ambitious company and their growth plans.”

This was posted in Bdaily's Members' News section by Clare Burnett .