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A County Durham-based injection moulding firm has renewed its relationship with NEL Fund Managers to bring in an additional £100,000 investment.

Formula Plastics manufactures high tolerance precision components which are used by companies in sectors including automotive, engineering, lighting and electronics.

The Newton Aycliffe-based group secured the loan from the North East Small Loan Fund Supported by The European Regional Development Fund via the Recovery Loan Scheme, as part of plans to double its turnover by the end of 2023.

It is now hoping to expand across the next years, with plans to create up to 20 new jobs as the business grows.

Formula Plastics' relationship with NEL goes back to 1996, when it provided start-up funding to get the business going. The new Small Loan Fund investment is the seventh time that the two organisations have worked together, with Formula having successfully exited their most recent agreement in 2015.

John Suggate, chairman at Formula Plastics, said: "In common with many companies, the last few years have proved challenging for us, but we now see signs of improvement across all the sectors in which we are active and want to capitalise on the opportunities this provides.

"The high standards to which we've always worked and the quality of the work that we deliver are being recognised and welcome by clients in a growing range of industries, and we're seeing our order book filling up across all the markets in which we're active."

Geoff Hodgson, managing director at Formula Plastics, added: "Our relationship with NEL has been a crucial factor in the business's success over more than a quarter of a century and it made clear sense to talk to them once again about this latest stage of our development."

Jonathan Armitage, investment executive at NEL Fund Managers, said: "Formula Plastics has a proven heritage in a specialised sector, as well as a high-quality management team that we know very well.

"It's great to be working with them once again and to see that their ambition to grow and create new North East jobs remains undimmed."

Formula Plastics / NEL Fund Managers /

Alice Bird, Digital Staff Writer T: 0161 907 9731 E: alice.bird@newsco.com

Tom Allport, Business Development Manager T: 07377 664841 E: tom.allport@newsco.com

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