Peterhead based JBS Group has secured funding from Barclays to fuel future growth and diversification ambitions.
With a £2m working capital funding package and a new management team now in place, the engineering firm will continue to drive growth into new sectors and geographical markets, focussing on the USA.
Over the past 12 months the business has successfully expanded into 28 international countries, diversifying into the renewables and power industries, and has secured major contract wins with a US power authority and a US space agency.
Established in 1968 and originally serving the North-east fishing industry, JBS Group provides specialist fabrication services, blast containment systems, screw conveyor systems and mass flow excavators which are used widely in the energy sector.
The recent deal, led by Barclays relationship director Hunter Inkster, will allow the business to develop both its patented Sea Axe excavation system and blast containment systems for pressure testing in a safe environment which it plans to take overseas.
Mike McCafferty, managing director at JBS Group commented: “The team at Barclays, have been a tremendous support so far and we’ve been impressed with the efforts made to get to know the business and understand our individual needs.
“We’re no longer solely focussed on oil and gas markets and have ambitious targets for growth in 2019, including development into new sectors and territories, which we hope will create new roles across the business.”
Hunter Inkster, relationship director, Barclays, said: “JBS Group’s engineering expertise stands the business in good stead for expansion and development and we’re passionate about helping Scottish SMEs to grow, whether through new product development or by entering into new markets.
“Diversification can be an exciting yet challenging process and winning contracts with globally renowned companies truly demonstrates that Scottish businesses of all sizes can have a successful international reach.”