The company, which designs and fabricates heat exchangers for the process market, has seen major growth in its high integrity fabrications business within the oil and gas industry.
On the back of this growth, the SYIF provided a loan to help increase productivity.
Rob Sawtell, managing director of Therco, said: ‘Having gone from a standing start in 2004 to nearly a £10m turnover this year, controlling the inevitable growing pains has proved challenging.
‘While representing only a small part of our working capital, the money from SYIF is a welcome cash injection designed to facilitate the purchase of new plant and equipment.
‘The resulting productivity benefits will help streamline our launch onto the international stage where projects are generally larger, financially speaking, and technically more challenging.’
SYIF provides financial support ranging from £15,000 to £2.5m for small and medium enterprises based in
SYIF’s financial backing will place Therco in a strong position to take up opportunities in emerging ex-Russian states such as