GES secures new £800,000 funding to support export-led growth strategy
DERRY steel manufacturer Global Equipment Spares is targeting increased export-led growth following fresh funding of £800,000 from Santander Business Banking, which comes in addition to £1.5 million in previous financing.
Based at Campsie, GES is one of the north’s leading manufacturers and suppliers of abrasive wear plates and special steels for the global mining, construction, agriculture and recycling industries.
Established in 2010 by managing director John McClenaghan and sales director Barry O’Neill, GES had a record year in 2017 and is forecasting upwards of 50 per cent revenue growth year-on-year for 2018.
The business, and its wholly-owned subsidiary Sharp Screening Products Ltd (SSP), currently employs 85 staff and plans to increase the number of employees as the firm expands internationally.
Northern Ireland is a recognised centre of excellence for mobile crushing machines and GES is one of the leading firms in the sector and a significant contributor to the local economy.
GES is now targeting additional international trading opportunities, specifically in the US and Europe, and will be able to benefit from Santander’s extensive global network and its competitive online currency offering.
Barry O’Neill said: “With the support from Santander we will be able to expand further into international markets, in particular Germany and the US, and will be able to fulfil our growth aspirations by increasing our employment figures. The funding has also allowed us to free up cash flow while continuing to invest in plant equipment and R&D.”
Ryan Murphy, business relationship director for Santander Business Banking, said: “We are delighted to support Global Equipment Spares as they target international growth in the manufacturing sector.
"We will be able to combine our country specialists, who have deep local knowledge of the markets GES want to target, with our manufacturing sector experts to provide a solution to help GES expand internationally and exceed its ambitious growth targets.”