MASfab secures funding to grow workforce
County Durham-based steel fabrication and installation company MASfab has secured £25,000 of funding from the Finance for Business North East Microloan Fund which will be used to grow its workforce.
Founded in August 2014 as a joint partnership between Sharon West and Paul Mitchinson, the company has achieved almost £60,000 of revenue in its first two months of trading.
The Bowburn-based business, which provides steel fabrication, installation and site services to the oil & gas, renewables and marine industries, is in an "ideal location to capitalise on the predicted growth of the offshore renewables sector in the North East".
The investment, which was secured through the Microloan Fund's new manager Rivers Loan, a trading subsidiary of Rivers Capital Partners, will be used to further assist the growth of the workforce and management systems.
Sharon West, a director at MASfab, said the investment has brought the company "one step closer to securing the future of the company and its workforce".
Nikita Bazko, fund manager at Rivers, added that the directors' combined experience and knowledge makes it a "really attractive investment".
Working from Newcastle and its new Middlesbrough office, the fund’s objective is to put small business owners in the driving seat of growing their company. Businesses from a wide variety of sectors can apply for a loan anywhere between £1,000 and £50,000, tailored to its individual business needs.