£500,000 will help QGS create 30 jobs

Jan 24 2008 by Andrew Mernin, The Journal

A TRAINING company headed up by new Northern Rock chairman Bryan Sanderson has won £500,000 worth of investment to fund its ambitious expansion drive.

Gateshead-based QGS Synergy has won funding from a syndicate of private investors. It will be used to create 30 jobs at the firm this year and is expected to help take annual revenue from £2.5m in 2007 to up to £8m this year.

The firm, based on Team Valley, offers corporate training through the Government-funded Learning and Skills Council’s (LSC) Train to Gain scheme.

Managing director Peter Pease said: “We are one of the fastest growing Train to Gain providers in the country and have some big clients such as Marlow Foods and Tanfield Group.

“When we first started training businesses in 2003, we employed 35 people. Last year this was 70 and this year we could create 30 new jobs to bring it up to 100. The money raised will be used to grow the business.”

Mr Pease said he expected to see annual revenue triple this year because of an increase in the funds available to Train to Gain. He said: “If you look at the budget of Train to Gain, between 2006 and 2007 it was around £200m-a-year, but over the next three years it is expected to go up to over £1bn.”

Bryan Sanderson was appointed as a non-executive chairman of QGS last summer, prior to his appointment to the helm of Northern Rock.

According to Mr Pease, he was appointed due to his wealth of experience, having served from 2000 to 2004 as the first chairman of the Learning and Skills Council.

His role at QGS sees him chair eight board meetings a year.

At Northern Rock, Mr Sanderson replaced former chairman Matt Ridley, who stepped down from the role last October after the Newcastle-based lender was plunged into crisis.

Mr Sanderson is a former chairman of the Standard Chartered bank and healthcare group BUPA.

QGS Synergy, which has additional offices in Cambridge, Cheshire, Kent and Leeds, covers a range of training areas including business improvement, distribution and manufacturing-focused ‘Lean’ techniques.

The company was advised on its deal for the £500,000 worth of investment by Tiger Corporate Finance – an independent North-East corporate finance house.