Belfast Telegraph

Maydown future secure following Invest NI loan

By Amanda Poole

A Co Londonderry engineering firm says it will secure over 100 jobs this year will the help of a £500,000 loan from Invest Northern Ireland.

Maydown Precision Engineering Ltd has also pledged to create further jobs in the next four years, as a result of the loan from the economic development agency's £50m Growth Loan Fund.

It is among the first 18 companies to secure approval for finance from the fund, which was launched last summer.

Finance for the £50m Growth Loan Fund has been provided by Invest NI and private investor, Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC).

Established in 1985, Maydown Precision Engineering currently employs around 100 people.

It is one of the largest sub-contract engineering companies in Northern Ireland, manufacturing machine components and small sub-assemblies predominantly for the aerospace industry.

Sean Phelan, managing director of Maydown, said: "The £500,000 loan will not only help fund these increased working capital requirements, but will enable us to further increase our workforce."

Invest NI's Alastair Hamilton added: "It is encouraging to see a business like Maydown benefit from our Access to Finance scheme which has been specifically developed to bridge a gap in funding available to businesses."

A Belfast-based team of specialist advisers, WhiteRock Capital Partners LLP, has been established to respond to enquiries to the fund by the consortium of three partners. They are Braveheart Ventures Limited, NEL Fund Managers and Clarendon Fund Managers.

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