Cardiff based Engineered Performance Coatings is targeting international growth and hiring new staff after receiving a £1.5 million funding package from Santander Business Banking.
Engineered Performance Coatings is a surface engineering company specialising in thermal spray coatings used in aerospace, oil and gas drilling as well as renewable energy. The business currently employs 35 people and is looking to expand in the next three years, with a target of 15 new hires by 2021. Turnover is expected to grow to £5.5 million in 2019, from £3.7 million in 2018.
The business currently exports to Spain, Mexico and China and the £1.5 million funding from Santander Business Banking will help support its growth strategy including plans to target other international markets such as the Netherlands and the USA. The funding will also allow the firm to take on new contracts, particularly in the automotive industry which it has identified as a key growth area.
Nathan Davies, Group MD, Engineered Performance Coatings, said:
“We are in an exciting position where we have seen the business grow and identified new markets to export to. The automotive industry in particular offers a fantastic opportunity for us to take on new business and we hope to capitalise on that with additional members of staff and the funding provided by Santander.”
Paul Williams, Relationship Director, Santander Business Banking, said:
“We are delighted to support Engineered Performance Coatings as it targets further international expansion. The business has gone from strength to strength in recent years and we are confident it will continue to do so.”