A PIPELINE repair company is looking to tackle new markets with the help of a £700,000 shot in the arm.
The UTS Group, based in Jarrow, will now build on some recent major contract wins with UK water companies thanks to investment by FW Capital, the company which manages the North East Growth Plus Fund.
The latest round of funding will also help the firm’s planned expansion in the gas transportation sector.
Established more than 20 years ago, UTS manufactures products to repair pipelines and undertakes pipeline repairs. It employs 105 staff and is actively recruiting a number of skilled roles to underpin its expansion.
The company recorded a £9m turnover in 2011 and is forecasting a £13m turnover for 2014.
Managing director and founder, Shaun Sadler said: “We have grown our market share in the past 12 months and we’re looking to move into other new markets.
“This latest round of capital investment will provide us with working capital to finance new projects, diversify into new markets and continue to improve our systems.
“The utilities companies we work for have strict conservation targets, so there’s a great deal of focus on investment in infrastructure at the moment.
“Every repair we do is different, so we provide a tailored service. We can also undertake repairs without all the inconvenience and cost associated with cutting supply.
“This is particularly important at the moment with more than 20 million people in the UK currently affected by drought conditions.”