Richardson Hall Kennedy’s (RHK) corporate finance team has continued it’s success advising on Selective Finance for Investment (SFI) grants by securing a £225,000 SFI grant from One NorthEast on behalf of The Engineering Business Limited (EB).
In 2006 RHK helped access total grant funding approaching £3 million on behalf of numerous local, national and multi-national businesses including UK Wood Recycling, Spark Response, Armstrong World Industries, Rohm and Haas and CTC Marine Projects.
The Engineering Business’ Managing Director Dr Tony Trapp said: “RHK was selected to project manage the SFI grant application on our behalf due to their team’s extensive experience and excellent reputation. We are delighted that they were successful in securing the amount of funding requested in the timeframe specified, giving us the confidence to take the next step in our growth plans”.
RHK’s Corporate Finance Partner Tony Edwards said: “Following RHK’s involvement in the successful grant application for CTC Marine Projects, CTC recommended us to The Engineering Business. We are delighted to have worked alongside One NorthEast to assist another international company towards achieving its growth plans.”
The project for which the grant funding has been secured will involve EB expanding into a workshop unit on the banks of the River Tyne, and recruiting an additional 50 employees.
EB designs, builds and supplies engineering solutions for the global offshore oil and gas, submarine telecom, defence and offshore renewables industries. The Riding Mill based company currently employs over 100 staff and has a global reputation for proven design expertise and project management skills.
Dr Trapp said: “We set out to ‘change our game’ two years ago, since when we have quadrupled turnover. These are exciting times for EB with unprecedented growth in orders.”
In 2006 the company built and commissioned a 3,000 tonne capacity pipeline carousel for Subsea 7 and also designed a system for installing the world’s biggest wind turbines in the North Sea. In September the company was awarded a contract by Oceanteam Power and Umbilical AS to provide a complete Flexible Lay System for its new-build vessel the NorthOcean 101.
As a result of the growth in activity EB has entered a lease for a 6,000 square metre workshop on the site of Amec’s former works at Hadrian West Yard, Wallsend. “The expansion into the centre of Tyneside’s extensive offshore industry will allow us to construct and deliver larger and more complex systems” said Dr Trapp.
Law firm Robert Muckle LLP advised EB on the property lease. Steve Frake, Solicitor at Robert Muckle LLP said: "We have a longstanding relationship with Dr Trapp and The Engineering Business, and we are delighted to have acted for them in the successful lease at Hadrian Yard. We are looking forward to working closely with them again in the future as they move from strength to strength."
Ian Williams, One NorthEast’s Acting Director of Business and Industry said: “We are pleased that One NorthEast’s offer of grant has secured the investment on the former Amec yard. The project will assist the continued growth of the North East’s booming offshore engineering sector.”
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RHK are registered by the Institute of Chartered Accountants in England and Wales to carry out company audit work. RHK Corporate Finance LLP is registered in England and Wales as a Limited Liaibility Partnership (Registered No. OC308294)
