SBV Engineering secures £1.5m backing

The company, which provides heavy fabrications in carbon, stainless steel and aluminium along with site services to clients in the oil and gas, nuclear and high-end industrial sectors, will use the cash injection to improve its cash flow.

This will offer SBV a greater degree of stability, which it believes is “crucial” in the market in which it operates.

Samantha Condren, director of SBV Engineering, praised Secure Trust Bank for its work on securing the funding, adding that its previous lender was “unable to offer the breadth of facility” that met its requirements.

Lee Humble, regional sales director for the North East, said: “SBV operates across a diverse range of industries with a strong emphasis on the North East. We are delighted to be able to support the business going forward.”

Peter Cromarty, sales director of Anglo Scottish Commercial Finance, which facilitated the deal, added: “The main aim was to find the right funder that shared the vision of the management team. The business now has the facility to move forward and Secure Trust Bank has a progressive and committed client in the North East.”

The company, which employs 155 staff, is forecast to achieve turnover of £7m in the year to November 2015.