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22.11.06
SWIG funding fans the flames of success for Penryn company

Ocean EngineeringA Penryn company that specialises in providing fire suppression equipment for the international marine industry is going from strength to strength after receiving help from South West Investment Group (SWIG).

Ocean Engineering has doubled its workforce as demand for its services has grown following a £15,000 interest-free loan from SWIG, which enabled the company to move to larger premises and secure professional standards necessary for further growth.

Now the company, which specialises in the design, manufacture, installation, testing and servicing of fire suppression systems for a wide range of marine vessels is looking forward to continued growth.

Company Director Paul Posthill said the funding from SWIG was essential to enable the move to larger premises, which in turn enabled the company to apply for and secure professional standards such as Lloyds Register Quality Assured 9001, DNV Service Supplier and Lloyds Register Supplier Services approved.

"We knew that if our business was to start to realise its true potential we needed to move to bigger premises and buy new equipment to enable us to apply for and get the professional standards required for further growth.

"We discussed our requirements with SWIG and they were excellent in understanding our needs and helping deliver the finance package that enabled the move to take place.

"As a result we have been able to double the workforce, increase the services we can provide and build our customer base," said Mr Posthill who set the company up in January 2004 and runs it with fellow director, Errol Hopkins.

According to SWIG Fund manager, John Peters, the £15,000 Objective One backed investment has quickly had a positive effect on helping to grow a Cornish business that would otherwise have found it hard to expand.

"Ocean Engineering is one of only a few businesses of its kind in the UK which provides a full fire suppression service, from design through to installation and servicing, and is building an international reputation for its quality throughout the marine industry. We are delighted that the funding we have put in place has enabled them to increase their business, premises, standards and workforce," said Mr Peters.

With offices in Truro and Exeter, SWIG is the South West's largest provider of complementary loan finance for small and medium sized businesses in the South West, and has invested £7 million into over 650 businesses, helping to create over 1,300 jobs in the region.

For more information on its range of funding, visit www.southwestinvestmentgroup.co.uk or contact SWIG on 01872 223883 or 01392 314603.

The Objective One Programme for Cornwall and the Isles of Scilly has invested in the South West Investment Group through the European Regional Development Fund (ERDF).

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Editor's notes:

 

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Clare Morgan
Media Relations Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Mobile: 07973 813647
Telephone: 01872 223439

cmorgan@cornwall.gov.uk

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