A flourishing cable company has clinched a multi-million pound investment boost which is set to lead to more jobs.
JDR Cable Systems (JDR) is set to speed up its export market, especially in Australia and the Far East, after benefitting from £15m in funding from HSBC, backed by the Export Credit Guarantee Department (ECGD).
It means the firm, which has a state-of-the-art factory in Greenland Road, can bid for larger export contracts by adding to its facilities.
Martin Boden, chief financial officer at JDR Cable Systems said: “JDR is growing strongly, especially in export markets, with demand for our products coming from both oil and gas and renewables customers.
“We are delighted to have secured the additional facilities provided by HSBC, with the support of the ECGD, and these facilities will enable JDR to continue to bid for, and win, large export contracts which in turn will create new jobs across the company.
JDR, which won a Queen’s Award for International Trade in 2010, is based in Littleport in Cambridgeshire, with a plant in Hartlepool, and a sales and engineering office in Houston, Texas.
It also has a service centre in Thailand and provides service support for client projects worldwide.
Ian Seager, HSBC’s Deputy head of corporate banking for the Home and Eastern Counties, said: “We are delighted to have been able to provide this timely assistance to JDR Cable Systems which will help their continued successful expansion into overseas markets. JDR has many years’ experience in carrying out high quality projects around the world, and the new facilities will enable them to further grow their business.”
The Hartlepool Mail was first to reveal in July, 2009, that JDR was set to open a new plant in town which would make subsea cables and create up to 200 new jobs.
By the end of last year, the workforce had already reached 160. The numbers of new jobs associated with the latest investment has not yet been revealed.