A Stanley-based firm has secured a total of £1.95m of investment, with the majority of the cash coming from funds managed by Maven Capital Partners.
The North East Development Fund has invested £1m in Dyer Enginnering, based in Stanley, while £750,000 was secured from Durham County Council’s Finance Durham Fund. A further £200,000 was raised from a local private investor.
Dyer will use the cash to support its growth plans across multiple industries while creating 100 jobs in the process.
Graeme Parkins, managing director of Dyer Engineering, said: “We are absolutely delighted to have received this investment into our company. We have a vision to create a world class engineering business here in the heart of County Durham providing world class metal components and structures to our customers and world class jobs to our employees.
Jamie Fraser, investment manager at Maven, added: “The joint investment is a fantastic example of how Maven’s regional funds can work together effectively to provide a local business with a substantial funding package to enable it to grow significantly. We look forward to working with the team and supporting their vision of becoming a world class engineering business.”
Find out more about Maven Capital Partners.