The Pryme Group is setting up a new engineering services division following an initial £9.5 million investment that will see dozens of oil and gas supply-chain jobs created at a new workshop currently under construction at the Tyne Tunnel Estate.
Once opened, the new 58,000 sq ft site is expected to house an initial 75 workers with 20 new personnel to be recruited by the end of next year. Pryme is aiming to double its current headcount locally to more than 150 over the next 5 years.
Pryme – which provides integrated manufacturing solutions to the oil and gas, defence and aerospace industries – has signed an initial 10-year lease on the factory, with the option to extend by an additional five years.
Chief executive Angus Gray said: “The move to Tyne Tunnel Estate creates a unique opportunity to bring together the combined talent and expertise of the distinct Pryme companies under one roof. We anticipate that the site will be up and running by mid-2018 and look forward to the opportunities the new, state-of-the-art facility presents clients, staff and suppliers.”
Pryme Group, which employs around 225 people in total, is on course to increase turnover by more than 20 per cent to more than £18 million for its April 2018 year-end.
26 Jan 2018
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