Start-up firm Xander Doors is hoping for a turnover of over £1m within its first two years by manufacturing high quality fire doors.
Bosses also predict a jobs boost of up to 20 posts for Hartlepool by 2024.
Xander aims to take on local workers, including people who used to work in the steel industry.
Managing director Ken Napper said the firm, based at Tofts Farm Industrial Estate, had hopes of expansion over the next 10 years and added: “Xander Doors has been born from over 27 years of experience within the door manufacturing industry, taking all of the knowledge and expertise we’ve learnt to start up a niche, hyper-focused company, in which we hope to scale and grow exponentially over the next 10 years."
Ken predicts the business could be manufacturing up to 350 doors per week.
Xander has had more than £500,000 investment to launch its new manufacturing facility and meet demand of the company’s already growing customer base.
James Clinghan, of Trusted Business Partner, a North East based finance brokerage, secured £250,000 of funding for equipment for the business and introduced UKSE, which brought a further £250,000 for working capital by way of a debt and equity package.
The company, which launched in October 2021, will work as a strategic equity partner alongside UKSE, which helps firms in steel areas with investments, loans and premises.
As orders increase the business plans to recruit people from the local area and hire previous workers from the steel industry wherever possible.
Peter Taylor, business development manager at UKSE, said: “This is a significant investment into a startup business, but Ken’s industry experience gave us the ultimate confidence that he’d be able to swiftly get both customers and suppliers on board.
Mr Napper said state-of-the-art equipment has already been bought to help the firm to “begin fulfilling our first orders,” adding: “James Clinghan, from Trusted Business Partner, has been a long-term adviser within my businesses and when I knew we were looking for investment to purchase our manufacturing machinery and set up our facility, he was the first call I made.”
Mr Clinghan, Managing Director of Trusted Business Partner, said: “It’s fantastic when clients come to us with a clear focus on what they want to do and it’s my job to help their businesses succeed.”
Mike McKenna, Director of Inspire Corporate Finance, who worked with Xander in formulating the business plan, said: “The end result of the team effort between the various parties has ensured that the region has gained another quality business, which in time will prosper and create jobs for our local workforce.”