A NORTH East consulting engineering business is eyeing new overseas opportunities as it aims to double its turnover and grow its workforce by over 50% in the next 12 months.

Newcastle-based Patrick Parsons Ltd (PPL) provides full civil and structural engineering design services, working domestically and overseas on schemes ranging from structural surveys to multi-million pound new-build developments.

The business is now looking at opportunities in new locations across the UK and overseas, as well as developing the breadth of specialisms it can offer.

To help fulfil these aims, NEL Fund Managers is backing PPL with a £250,000 investment from the Finance For Business North East Growth Fund.

A previous investment from NEL supported the 2007 management buy-out of the Parsons Group, led by managing director Peter Stienlet, which led to staff numbers more than doubling, from 12 to 26. The company is aiming to increase this to 40 staff by the end of the year.

The Growth Fund investment will also support the upgrading of its IT systems and the expansion of its new geo-environmental team, led by Grant Richardson.

Peter Stienlet says: “Part of the reason that we’ve been able to succeed in what is still a difficult market is the proactive approach we take to generating work – rather than waiting for tender opportunities to come to us, we’re putting together the resources required to develop schemes and finding partners to work with to make them happen.

“Expanding the range of services we offer and the locations in which we’re working is a natural function of this approach, and it will give us the capacity to take advantage of the commercial opportunities we know are out there.”

David Thomas, investment executive at NEL Fund Managers, adds: “PPL’s progress since the MBO has been very impressive, and the momentum that this investment provides will help the management team realise the next stage of their ambitions.”