A CABLE company has been given a £15m funding boost for an export drive which is expected to bring much-needed jobs to the North East.
Hartlepool-based JDR Cable Systems has grown massively since opening its factory in 2009. It has seen £30m invested by its East Anglian parent company and now has 140 staff.
The designer and manufacturer of sub-sea power cables has now been provided with a £10m bonding facility and £5m working capital from HSBC to help to grow its exports in the booming offshore market, especially in Australia and the Far East.
This £15m shot in the arm has been backed by the Government’s Export Credit Guarantee Department (ECGD), which promotes UK exports by giving businesses access to working capital finance at different points during a deal or a project.
Martin Boden, chief financial officer at JDR Cable Systems, said: “JDR is growing strongly, especially in export markets, with demand for our products coming from both oil and gas and renewables customers.
“We make all of our larger products in Hartlepool because it is ideally located for our export market. We will be bidding for contracts worth up to £25m in Asia and across Western Europe which, if secured, will in turn lead to job creation in Teesside.
“We have invested a lot of money in the Hartlepool facility in the last three years and with everything in place we’re now fully operational.
“Hartlepool is a vital strategic facility for us because we manufacture large lengths of cable, up to 400 tonnes, that have to be pulled out to sea by ship because they’re far too big to travel by rail or road.
“I can’t say at this stage how many jobs will be created in Hartlepool as a result of this company taking huge steps in the export market, but it’s certainly positive news for the North East.”