Midtec, one of the UK’s leading manufacturers of chimney cowls and flue systems has completed the construction of 2500 square feet of additional manufacturing space at Capel Hendre Industrial Estate near Ammanford, using a £220,000 loan from the Development Bank of Wales.
Formed in 2003 by Managing Director, Trefor Jenkins, Midtec first benefitted from investment from the Development Bank in 2005. They have since had several rounds of funding from the Development Bank to support growth plans and the next generation is looking to the future with the new additional space being used to house a state of the art ENSIS laser cutting machine, supplied by Amada.
Trefor said: “The ongoing support of the Development Bank means that we’ve been able to grow the business, drive efficiencies and invest in new market opportunities. We’ve also introduced new products including the MidCat, an innovative solution for reducing the pollution created by wood burning stoves and the only one of its kind in the UK.”
“Our latest investment in our technology means that we can now offer a laser cutting service that will help to improve our quality and production processes and save time on the turnaround of customer orders. We hope that this will play an important part in our future growth. Indeed, our turnover is on target to exceed £2 million this year and I’m delighted that my son Thomas and daughter Hannah are already playing a vital role in the business as we focus on our long-term sustainability.”
Richard Easton, a Portfolio Executive with the Development Bank, said: “Midtec is a family run and owned business that is known for its high quality and excellent customer service. With our continued support, Trefor, Thomas, Hannah and the team have created a modern manufacturing facility that has a really exciting future ahead.”
The loan came from the £204 million Wales Business Fund which is financed by the European Regional Development Fund and the Welsh Government. Loans, mezzanine finance, and equity investments are available for deals between £50,000 and £2 million with terms ranging from one to seven years for small and medium-sized businesses (those with fewer than 250 employees) based in Wales, or willing to relocate to Wales.
Construction company TRJ of Ammanford carried out the building work, while Jamie Reynolds of Cennen Solutions has also been providing strategic support.
