A FIRM is expanding and taking on staff after securing a £750,000 injection.
Peterlee-based Propellor Holdings, which supplies specialist purchasing and stock control systems, plans to create up to 20 new jobs over the next three years.
The firm will use the money to fund its move into new markets as it starts rolling out its latest technological advance, an inventory control system which helps large multi-site manufacturing companies cut costs by almost half.
“Our new Pro-Vyda system is key to our expansion,” said managing director Carl Brookes.
“It enables companies with diverse and complex manufacturing operations to dramatically reduce spend on spares and consumables.
“By using Pro-Vyda, our clients can achieve cost and efficiency savings in excess of 40 per cent.”
Propeller Holdings, which employs 26 people, was established in 2001 and initially provided stock control services for manufacturing and process companies.
It has since developed its own web-based systems which are used by manufacturing companies including those in the automotive, aerospace and food sectors.
The company’s growing client base includes TRW, Intersnack and Sony.
Now Propeller plans to sign a number of new deals with large UK and European manufacturing companies, to increase its customer base.
“Our aim is to increase the company’s annual turnover to £15million by 2014, and we will recruit additional staff to meet the increased demand for our systems and services,” said Mr Brookes.
“We’ll use this investment to continue developing our technology and refine our products and services. It will also help us push ahead with our expansion plans for Europe.”
The cash injection came from the North East Growth Plus Fund, managed by FW Capital.
Senior investment executive Joanne Pratt said: “FW Capital’s investment will enable the company to undertake some ambitious plans, to continue developing its products and services and expand into new markets.”