An Aberdeen engineering design firm has clinched £450,000 worth of funding to support its expansion plans.
The £450,000 loan facility from Shawbrook Bank will help Cadherent take on more staff members to meet demand for its services.
Cadherent, which specialises in engineering design and visualisation services for the oil and gas industry, is enjoying an upturn in consultancy work from a number of sectors.
Cadherent currently has 17 employees in Aberdeen and hopes to finish the year with more than 20 on its books.
The company was established in 2006 by managing director David Thomson, who has more than 30 years’ experience in the oil and energy sector.
Mr Thomson said: “The oil and gas industry is a challenging industry to be involved in and we must be able to respond to changing market conditions.
“The funding from Shawbrook will give us the flexibility to take advantage of new business opportunities and continue to expand and upskill our team.
“Shawbrook clearly understand our industry and are aware of how market conditions can change.
“They are an agile, supportive lender that will provide us with the funding to fulfill our ambitions and we are delighted to be working with them.”
Kevin Boyd, managing director for Scotland at Shawbrook, said: “The oil and gas industry in Aberdeen remains crucially important to the Scottish economy, so it’s great to see businesses like Cadherent employing more people and continuing to grow.
“The services they offer are highly specialist, like many other clients in this sector, which is why we have enjoyed working with Tom and the team – getting to grips with complexity and supporting businesses like Cadherent is what we do best.”
Cadherent’s is based in a C-listed former warehouse on the city’s North Esplanade West, which was built in 1937.
The renaissance-style granite building, built by John Bisset and Sons, was once known as the “Caretaker’s House”, as well as formerly housing food manufacturer Unilever and fizzy drinks firm Aberdeen Mineral Water Co.