Award-winning mechanical and engineering consultancy Desco (Design & Consultancy) Limited is set for expansion after being awarded a Selective Finance for Investment (SFI) grant by One NorthEast.
Desco was established in Sunderland in 1998 with five staff. Since then, staff numbers have risen to more than 30, and the company has developed a customer base that includes regional, national and international clients. These include Northern Rock, University of Northumbria, ExCel London and Kajima. Management is forecasting turnover of approximately £2 million for the current financial year.
Desco has won a string of awards, including a Sunderland TEC award for the development of its electronic based document and business management systems, a Vision in Business Enterprise (VIBE) Award for the best new business in the Wearside and Durham area, and Investors in People accreditation.
The company has outgrown its current premises at the Business and Innovation Centre in Sunderland Enterprise Park, and will move in June of this year to new, purpose-built premises at Doxford International Business Park, Sunderland. Desco expects to create an additional 15 high-quality jobs over the next three years.
Paul Marshall, one of four director-shareholders at Desco, commented: “Desco is now established as a medium size practice with the calibre of staff, design tools and support systems that allow us to get involved with projects of all sizes and compete with the best in our industry. The potential of the business was being constrained by the current premises, so we’re all very much looking forward to the move.”
Neil Clasper of City of Sunderland Business Development, who helped Desco identify its new premises, is confident that the company will continue to flourish. “The company has a first-class management-team,” he said, “and has developed an excellent reputation in the industry. Everything is in place for a bright future.”
Michael Cantwell, Corporate Finance Executive at Gateshead based accountancy practice Richardson Hall Kennedy, helped Desco secure the SFI grant, as well as commercial finance for the project from NatWest Bank. Michael praised the role of One NorthEast in supporting the company’s ambitions, commenting: “ONE’s SFI appraisal team delivered an offer of grant which appropriately addresses the risks facing the company upon relocation, well within the required timescale. Being awarded the grant gives the management real confidence to take that next step.”
Click here to take a look at our Corporate Finance deal summary.
Members: DJ Thompson FCA DC Hall FCA GJ Miller FCA BC Thomas P Storey FCCA. RHK Business Advisers LLP is registered in England as a Limited Liability Partnership No. OC308294. Registered to carry on audit work by the Institute of Chartered Accountants in England and Wales.
