Maven’s £7.5m investment boosts workforce and turnover for RMEC

RMEC management  team: from left; Stuart Mathews, Bryan Fagan  and Alan Ramsay
RMEC management team: from left; Stuart Mathews, Bryan Fagan and Alan Ramsay

Forfar-based oilfield services company RMEC has achieved its highest ever turnover after increasing its rental fleet and doubling the number of staff over the past year.

It has reported a turnover figure of £9.5 million for 2014 – up 5% on the previous year – placing the company a step further in its strategy to growing the business to £16 million in 2019.

RMEC has now begun the first phase of its site expansion plans with the introduction of a one-way system to improve safety at the Cotton of Pitkennedy facility. The firm has also invested a six-figure sum to improve its operability by implementing a new enterprise resource planning software system.

Founded in 2004, RMEC received a £7.5 million investment from Maven Capital Partners last April. Over the last 12 months, the company has invested more than £1 million in its pressure-control fleet, while staff numbers have doubled from 14 to 28.

The company attributes the significant increase in yield to contracts both in the North Sea and globally as it steadily increases support to its client base in the UK and the Caspian.

RMEC last year secured a place in the Sunday Times Virgin Fast Track 100 list which highlights companies with the most accelerated growth over a three-year period.

Managing director Bryan Fagan said: “Our continued growth reflects the value-led results we are delivering for our clients, stakeholders and employees despite the challenging marketplace in the North Sea sector.

“These results position us well for the next stage in our growth. Our people are pivotal to the success of our business, many of the team have been with RMEC from the start and will play an important role in our continued success going forward.”

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