Doncaster move for global gas turbine specialist
An independent industrial gas turbine company has opened a new 4,000sqft facility in Doncaster to expand its services and global operations.
The move follows a £1.29m Equity Linked investment from Finance Yorkshire – the largest deal to date for the venture capital and loan fund.
Turbine Efficiency Group specialises in the supply and maintenance of gas turbines around the world. Since being established in 2000, the company has enjoyed continued growth and is on target to reach a turnover of more than £4.5million this year.
To support its growth, Turbine Efficiency has set-up new headquarters at Hayfield Lane Business Park, Auckley, Doncaster. At present the company employs six staff in South Yorkshire, with plans to expand the workforce further in the future.
Turbine Efficiency will retain its operations in Lincoln which will continue to employ more than 20 people to focus entirely on its core services of supplying and maintaining turbine engines.
Alan Hawkins, founder and Managing Director of Turbine Efficiency, said: “The Doncaster site will be our new UK headquarters tasked with growing the business in areas which are not our core services. This will include establishing new business in various markets around the world.
“Staff will be in sales, marketing, accounts and business development, supporting new areas of business delivery which will subsequently help increase the amount of work on maintaining turbine engines, which is our main area.
“We have had modest growth in recent years, so we see this expansion as a big opportunity for the business to significantly increase operations, building on our existing contacts in Argentina, North America and the Middle East.”
Turbine Efficiency was advised by Langleys Solicitors LLP in Lincoln, while Finance Yorkshire’s representatives were Pinsent Masons in Leeds.
Ian Brown, Portfolio Manager at Finance Yorkshire, said: “Turbine Efficiency is a well established and profitable business working in a niche and dynamic sector.
“The company has a strong core customer list of large global organisations as a result of the high quality bespoke nature of its services. The business has clearly defined growth plans to drive its customer base in addition to increasing the number of services it can offer around the maintenance of the entire turbine system.
“The growth plans will create a number of job opportunities and stimulate the regional economy, which is fantastic news for Doncaster and South Yorkshire.
“The experienced management team is highly respected within the sector with a large network of connections through which to drive further growth.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
Finance Yorkshire is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire