£15m Boost for Hartlepool's JDR Cables
06 August 2012
Hartlepool’s JDR Cables, the UK’s only manufacturer of subsea array cables for wind farms, has been boosted by a £15m fund from HSBC backed by the Export Credit Guarantee Department.
Bosses say the cash will help them bid for new oil, gas and renewables contracts in markets such as Australia and the Far East, creating more jobs.
The company, which designs and makes complex high-spec subsea power cables and umbilical systems, recently completed a 56 kilometre order bound for China and has also started a project for South-west Australia.
Its status as the only UK manufacturer of array cables puts it in the unusual position of exporting to both Germany and China.
Martin Boden, JDR’s Chief Financial Officer, said the company had seen strong exports.
"JDR has grown hugely. We now employ 246 at Hartlepool and hope to carry on increasing our headcount. We have recently won a very large contract for the German market, and America is also waking up. It’s a very strong position to be in - the future is bright for Hartlepool.
"We are delighted to have secured the additional facilities provided by HSBC, with the support of the ECGD, and these facilities will enable JDR to continue to bid for, and win, large export contracts.”
JDR, which won a Queen’s Award for International Trade in 2010, has its plant in Hartlepool and bases in both Cambridgshire and Houston, Texas. It also has a service centre in Thailand and provides service support for client projects worldwide.
The ECGD’s Working Capital Guarantee Scheme, which promotes exports by giving businesses access to working capital finance, is still in its pilot stage.
The department can guarantee 50% of the credit risks associated with approved export working capital facilities, provided by banks in respect of a UK export contract.
Patrick Crawford, Chief Executive of UK Export Finance, said: "These schemes were developed specifically to assist small and mid-sized businesses, and it is excellent to see them help in JDR’s expansion.