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Cable firm's £27m boost
A MAJOR bank today unveiled a £27m package for a Hartlepool cable firm to triple its output.
JDR Cables has clinched a massive package of support from HSBC
Corporate Banking to "significantly expand" its town plant.
It also gives JDR the financial muscle to create 80 extra jobs.
Banking chiefs say the cash injection means JDR can expand on its Greenland Road site, invest in bigger machinery and expand its output capacity to triple its current size.
JDR makes cables for the world's wind power turbines. It wants to start making a new type of cable on top of its existing work.
JDR's new project will see the firm making high-voltage subsea cables weighing up to 4,000 tonnes.
The plant will be the only one in the UK capable of making them.
The company's group chief executive officer Pat Herbert said the company was entering "a new stage in our development."
He said the company needed a banking partner with unrivalled international presence to support its massive plans both within Britain and across the world.
The latest boost comes two months after the Mail revealed JDR was investing 11m in new machinery and a new 80ft-high building.
It is also expanding its current 100,000 sq ft facility at Hartlepool, opened only last July, by a further 116,000 sq ft to meet demand.
The firm has 70 staff members on its books at Hartlepool now and that will rise to 100 within the next 12 months.
Then, once the new facilities come on line, the numbers will rise to 150.
In an official statement, HSBC Corporate Banking said the money would allow JDR "to significantly expand its manufacturing facility in the North-East of England. "
HSBC head of corporate banking for home & eastern counties, Nigel Boothroyd, said: "We have worked with JDR for over three years now and in that time have witnessed strong and consistent growth facilitated by a sound management team – in fact, today's announcement marks our sixth completed deal."
"JDR Cable Systems Ltd remains one of the global leaders in its field and is set to enter another exciting phase of domestic and global business growth."
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Weather for Hartlepool
Sunday 27 May 2012
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Temperature: 9 C to 21 C
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