A North Lanarkshire engineering business has received a six-figure funding boost in a move that will create scores of jobs.
Cumbernauld-based ID Systems UK has received financial backing from UK Steel Enterprise (UKSE) which it called a “vital” contribution to its growth plans.
ID Systems, which delivers engineering services across the UK, intends to use the investment to expand the company and create a further 80 jobs over the next five years, with the majority of these in the local area.
The funding will also go towards continued investment in capacity and capability by supporting skills training and improving business processes with new IT software, a TickIT Plus accreditation and enhanced manufacturing capability.
This round of financing comes after a previous deal in 2016, when ID Systems created 120 jobs in the Glasgow and Lanarkshire area following support from USKE.
ID Systems provides mechanical, electrical, instrumentation, control, automation and telemetry (MEICAT) services to a range of clients in the water, industrial and commercial sectors across the UK, with Scottish Water being its main customer.
Iain Doherty, managing director of ID Systems, said: “We are very grateful to UKSE for providing us with their continued support.
“The markets we currently operate in have a strong pipeline of capital programmes for the next ten years, and our forecast indicates that we will double in size within the next three years.
“With this rate of growth, UKSE’s commitment is vital to us.”
A Tata Steel subsidiary, UKSE’s main objective is to help the economic regeneration and development of areas of the UK that have been affected by changes in the steel industry.
It supports community organisations with similar aims and provides premises on “easy-in, easy-out” terms, as well as finance of up to £1 million to growing companies operating in traditional steel areas.
Scott Webb, regional executive for UKSE said: “This is a really exciting time for ID Systems and we are very much looking forward to watching them develop and grow.
“The team are ambitious and have an excellent track record of delivering a high quality of service to their customers. UKSE are proud to continue to support such a fantastic organisation.”
Earlier this year, UKSE provided financial support to ID Systems’ research and development division Clearwater Controls, which used the six-figure funding to deliver its international expansion plans, including supporting pilot programmes in the US and Australia.
Clearwater Controls was first backed by UKSE in September 2017, with a previous six-figure deal which was one of the largest packages to be awarded by the regeneration body.