AN engineering business which is involved in a major gas project in South America plans to grow after securing funding from Barclays.
Technica, which is based at Cherry Tree Business Park, in Grimsby, has designed and engineered the Excelerate Energy Escobar gasport project in Argentina, and it is determined to win more high profile work overseas.
The company, which was established in 2007, is managed by a core team of engineers.
It designs, constructs, maintains and supports multi-million pound industrial projects for the gas, petrochemical and chemical sectors. Clients include Excelerate Energy, National Grid and United Utilities. The company, which operates globally, project manages all aspects of the commissioning process.
Bryan Creed, the director of Technica, said: “We’ve managed to buck the trend and have been growing organically in the UK and also expanding our work overseas. Barclays has doubled our working capital facilities which will help support our new contracts in Pakistan and Puerto Rico which is fantastic news for the company.”
Technica employs 46 staff locally, and it is expected to achieve £6m turnover this year.
Dan Wilson, relationship director with Barclays said: “It’s great news for Grimsby to see an established company like Technica thriving in the current climate, and this deal demonstrates that we are open for business for well managed companies seeking to expand.
“It’s imperative for the economy that we are able to supply funding lines for existing and future clients, as well as providing operational banking requirements and the future looks bright for this company and their growth plans.”