Cenelec Standards Inspections, based in Cramlington, secures £350,000 investment to fulfil international contract
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The firm recently signed a deal with global food, agriculture, and bioindustrial business Cargills to help manage hazardous locations at a range of its facilities across Europe, adding to its clientbase of over 300 companies.
CSI has now secured investment from the North East Growth Capital Fund, which is administered by NEL Fund Managers, to help it fulfil the contract, including by creating 40 new jobs and acquiring the required equipment.
The firm, founded in 1989, specialises in helping companies meet health and safety obligations in potentially explosive settings such as oil rigs and refineries, distilleries, and chemical plants, including by inspecting, repairing, and installing electrical and mechanical equipment.
Managing director Jonathan Gibson says: “While the pandemic was a challenge for us, we came through it well and are ready to move into the next stage of the business’ development.
“We work with many of our clients through long-term multi-year framework agreements, which gives us the solid foundations needed to both develop strong relationships with their teams and proof of our expertise when we are talking to potential new clients.
“Our work with Cargills will cover a wide range of different hazardous locations right across the continent, and has the potential to eventually go worldwide, which will have an even greater impact on our growth plans.”
“NEL has been at the fulcrum of every major development in the business for the last decade and it made clear sense to speak to the team once again about our growth capital needs.”
This is the fifth time NEL has invested in CSI in the last decade.
Mike Guellard, senior investment executive at NEL Fund Managers, said: “Cenelec has earned a well-respected position in an industry that demands the very highest safety and service standard, and it is great to see their continuing hunger to keep improving and expanding.
"Access to growth capital at different stages of development is essential if ambitious businesses are going to fully realise their potential and the management team here has set a great example of how to make this process work.”