CAR and construction components manufacturer ADM Pressings is investing in new equipment and space after securing funding from Barclays.

The Newcastle-based business, which started life in 1956 as part of Armstrong Vickers and was the subject of a management buy-out in 2009, is expanding its premises at Scotswood Road and buying new laser-cutting cell equipment.

Managing director Andy Wingfield said: “It’s great that we’ve been able to implement our long-term growth plans with this funding from Barclays.

“The new laser-cutting cell we’ve invested in will enable us to keep pace with the strong order book we have and we’re also taking on additional factory space to cope with demand.

“This is good news for the North East which has a history of manufacturing successes and we’re hoping to create new roles as we expand.”

The undisclosed sum was provided via the National Loan Guarantee Scheme, which has a cashback arrangement allowing ADM to receive a lump sum to provide it with working capital for the future.

Barclays relationship director, Peter Kirkpatrick, said: “This is a great example of a well-run business with an astute and strategic management team.

“It’s great to see a local company bucking the current economic conditions and the future looks bright as ADM Pressings forges ahead within its chosen markets.”