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Pryme Group officially opens new £10m facility
Norma Redfearn CBE, elected mayor of North Tyneside, has officially opened the new, state-of-the-art facility of integrated manufacturing specialist Pryme Group.
Staff have relocated from nearby Ryton, Tyne and Wear, to a purpose-built engineering services and manufacturing centre at the Tyne Tunnel Estate, North Shields, following a £10million investment.
With operations across the UK and headquarters in Dundee, Pryme Group provides integrated manufacturing solutions for the oil and gas, aerospace and defence industries.
The 58,000 sq. ft Pryme Group Centre of Excellence has been supported by both public and private sector organisations, including UK Land Estates, North Tyneside Council and the North East Local Enterprise Partnership (LEP).
The business expects to more than double its current workforce in North Tyneside from 70 to 150 in the next five years. It is actively recruiting for new personnel, including CNC operators, by the end of the year.
Angus Gray, CEO of Pryme Group, said: “We are extremely grateful that Norma took time out of her busy schedule of looking after the interests of the north-east business community to visit Pryme Group and find out more about us as a company.
“I am excited about what the future holds for the business and the local area now that this site has been fully opened. Not only will the new Centre of Excellence provide a boost to the group’s existing capabilities, but it will create enhanced opportunities for our clients operating across the UK and internationally.”
Welcoming Pryme Group to the borough, Norma Redfearn CBE, added: “I am delighted Pryme Group has invited me to be part of its official opening on Tyne Tunnel Estate. This state-of-the-art facility marks exciting times for the company and the prospect of new jobs being created is also great news for our local residents. The council look forward to working with Angus and his team as they continue their growth plans in the region.”
Graham Stuart MP, Minister for Investment at the Department for International Trade, concluded: “With a wealth of investment opportunities across the UK and a growing economy, it’s no surprise that we are Europe’s number one destination for foreign direct investment. Pryme Group’s continued investment is further proof that North Tyneside – part of the Northern Powerhouse – is the ideal location in Europe to find and cultivate new talent and grow an advanced engineering business, with the city currently home to 25,000 students in higher education.”
Pryme Group, which employs 260 people in total, has invested £4.2million to date in equipment and CNC machinery with new technology and increased efficiencies expected to result in a boost to revenue and improved on-time delivery.
Additional grant funding of £1.35million was provided by the North East LEP, through the UK Government’s Local Growth Deal; allowing UK Land Estates to build the unit in North Shields speculatively at a cost of £4.5million.
The Centre of Excellence has been formed following the amalgamation of three separate companies – MKW Total Engineering, Stargate Precision Engineering and TME Hydraulics – and will house best-in-class machinery alongside multiple complementary services to allow Pryme Group’s customer base to bring innovative products to market.
Pryme Group recently signed new contracts with energy sector clients, totalling more than £3.5million, for fabrication and machining services with all work to be carried out at the new facility. Additionally, master service agreements have been agreed with two oil and gas businesses and a defence contractor.