Fendor banks more growth cash fund

Gateshead-based Fendor, which manufactures specialist glazing and blast resistant glazing products, said it has orders worth more than £2m on its books for the first quarter of 2012. It added it is also aiming to increase its annual turnover by almost 50 per cent by the end of the year, from £6.4m to about £9m.

To help fund its continuing expansion, Fendor has renewed its relationship with regional fund management firm NEL Fund Managers and secured a new £400,000 investment from the Finance For Business North East Growth Fund that NEL administers. Fendor received a £400,000 investment from NEL in 2006, to help support the management buy-out of the business, led by current managing director Chris Duffy, and pay for the installation of new equipment

Now, the business’ expansion includes taking on additional temporary premises in Gateshead to keep up with customer demand, with a view to moving into a bigger permanent new home in the area during the next year.

“Investing heavily in research and development work and having our products tested at the world’s leading facilities gives us the credibility that we need to build our presence in highly-regulated areas, such as the petrochemical industry and national infrastructure project contracts, and it’s an approach that is leading to tangible commercial dividends,” said Duffy.

“The strategic investments we’re making in new products and services are designed to help us maintain the specialist expertise that is crucial to the competitive advantage we enjoy in our key market sectors, and we have a range of innovations in development that will reinforce our success in domestic and overseas markets.”

Stephen Slater, director at RMT Accountants & Business Advisors, advised Fendor on the investment.