The hydraulics company, which has doubled its turnover in the first two years of operation, is using the funding to support a £70,000 project that will see it take over an adjacent unit and recruit staff, including a welder, three machinists and a part-time administrator.
Ian Williams, One North East’s director of business and industry, said: ‘I’m pleased this project will help DR Hydraulics continue to develop its Washington operation and open up the opportunity to bid for larger, high-value contracts.
‘The potential market for hydraulic repair and fabrication is huge, given that most manufacturers use some form of hydraulic machinery, and I hope that this investment from One North East helps establish DR’s credentials as a genuine regional success story.’
Mark Dunville, managing director, added: ‘We are keen to grow the business but want to keep it at a level where we can maintain a hands-on role. By expanding the company in this way and buying new machinery, we will be able to take on larger pieces of work and increase our customer base.
‘The business is still relatively new, but we have established a good reputation for delivery in a short space of time and this expansion will help us cement our status within the hydraulics industry,’ he added.