EU-backed fund supports Feritech’s growth plans
Subsea solutions supplier Feritech has secured a £1 million growth loan from the Cornwall and Isles of Scilly Investment Fund (CIOSIF) to drive overseas growth.
Feritech Global designs, manufactures and sells marine geotechnical equipment, ancillaries and consumables to geotechnical and geophysical companies which operate across the marine sector in a variety of offshore operations.
CIOSIF funding will be used to increase the company’s stock of technical equipment available to customers for lease and hire.
Feritech said that this is expected to enable it to meet demand which has increased significantly.
The company launched the Feritech Innovation Centre in April, which, as it stated, will offer a full range of services including product design, fabrication, machining, electronics, electrics, embedded software, hydraulics and 3D printing services.
“Launching our new facility was incredibly exciting and a culmination of many years hard work by our team,” said Rob Ferris, managing director and co-founder of Feritech.
“This new innovation centre will give us space to grow as a business, by expanding our range of services, enabling us to win important new contracts, and providing new job opportunities in our local area.”
The £40 million CIOSIF provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
The fund is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.
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