Premtech Ltd - Engineering
Premtech Limited provide specialist engineering, consultancy and design management services to the Energy sector.
Premtech’s services include onshore pipeline projects of all sizes incorporating their associated installations. Premtech works with many organisations on low carbon solutions and a wide range of customers across the engineering and construction sectors, including a number of blue chip companies.
Having reached capacity at their premises in Ashby de la Zouch it became vital to source and relocate to larger premises in order to recruit more staff and undertake and fulfil new contracts.
The company applied to Invest to Grow for assistance in relocating to purpose built premises at a new site in the town, facilitating its continued growth programme and creating additional jobs in the region.
Land was identified on a new business park situated on the outskirts of Ashby de la Zouch and the £90,000 funding provided by Invest to Grow in the form of a £68,100 loan and £21,900 grant was used towards the construction and fit out of the new building.
As with any project of this nature costs had to be managed carefully and cashflow was a major consideration. The Invest to Grow funding made it possible to increase their headcount at an early stage.
Ed Porter, Director said:
“Timing was crucial to the success of our project. Having the Invest to Grow loan funding at the outset was invaluable in taking the pressure off our cashflow and the grant monies made it manageable as ongoing project costs were incurred.”
The company’s headcount stood at 14 prior to relocation. It currently stands at 28 and is steadily increasing.
Ed Porter relayed:
“Without Invest to Grow access to new markets was restricted for us. The funding has been the catalyst for us to raise our profile with both potential and existing clients. ”
The project will increase turnover for year ending 28 February 2018 by circa 15%.
A further notable benefit of working with Invest to Grow has been a collaboration with the University of Derby’s Institute for Innovation in Sustainable Engineering (IISE). IISE were introduced to Premtech and as a result the company embarked on a lucrative project.
Ian Butt, Director, told the team:
“A potential solution was identified during a routine Invest to Grow monitoring meeting which enabled Premtech to enhance our client offering and opened up a further market which would not otherwise have been available to us. We are extremely grateful for the help and support provided”.