A Sheffield based Non-Destructive Testing (NDT) firm has been able to invest in its equipment and staff in a drive to increase its offering and meet customer demand from across the world thanks to a refinancing deal with Yorkshire Bank.
Insight NDT which has operations in Sheffield and Rotherham employing 22 staff, has secured a six figure funding package from the Bank allowing it to purchase state of the art x-ray machinery from Russia to help grow the business and accommodate bigger orders from current and prospective clients.
Founded in 1997, the firm offers non-destructive testing and radiographic inspection – an essential method for companies to test equipment for material faults and internal defects in a non-invasive manner. This is a particularly important service for organisations operating in the subsea, oil and gas and medical sector.
Today, Insight NDT turns over more than £2.8m and has tested everything from medical implants and oil and gas valves to the 4.5 billion year old meteorite used as an art installation at the London Olympics.
With capacity to test items ranging from a few kilos up to 16 tonnes, the firm holds a big advantage over competitors who don’t have the space nor the equipment to test larger items.
The refinancing deal was delivered by Lynsey Smith, relationship manager for Yorkshire Bank’s Business and Private Banking centre in Sheffield. The new deal will directly affect the output of the Sheffield warehouse, which will receive a new Nine Mega Electron Volt High Energy X-ray machine to help increase capacity at the site, also opening up potential for more staff as customer orders grow.
Neil Browne, co-founder and managing director at Insight NDT, said: “Yorkshire Bank have been hugely supportive in delivering support which suit our business’ needs over the years, which has allowed us to grow and stay ahead of the competition by investing in state-of-the-art machinery.
“Our refinancing deal will ensure we can grow our customer base while also investing in our team in order to provide cutting edge NDT services to customers in the UK and further afield.”
Kevin Elliott, head of business and private banking for Yorkshire Bank in South Yorkshire, said: “Insight NDT has been providing a vital service to multiple industries for more than 15 years and this looks set to continue as they invest in the best equipment and staff at both their sites in South Yorkshire.
“As economic conditions continue to improve, Yorkshire Bank remains focused on supporting the growth ambitions of businesses in the region.”
Yorkshire Bank has recently strengthened its support for UK SMEs by becoming the first to partner with the British Business Bank under its ENABLE Guarantees scheme. Up to £125m of new lending by Yorkshire Bank, guaranteed by the British Business Bank, will help more small businesses achieve their growth ambitions.