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A new South Shields-based engineering business has secured £25,000 from the Small Loan Fund which will enable expansion and create jobs.

Mark Ranft, who previously ran his own engineering business, set up Select Works to provide CNC precision components to clients in a range of industry sectors, predominantly across the North East.

Regional fund management firm NEL Fund Managers helped secure the loan from the North East Small Loan Fund, Supported by The European Regional Development Fund.

Ranft is now planning to invest in new equipment and technologies, as well as creating six jobs across the next two years.

He said: "I had founded and led engineering businesses before and found that I missed doing so, so decided to set up Select Works to get back into that role.

"The flexibility and responsiveness we can offer around client requirements, and the range of specialist skills that we can call upon set us apart from the competition, and we're already seeing new contracts coming in as a result."

He added: "At this stage, we're mostly looking at business development opportunities across the North East, but we'll be gradually expanding our focus to look right across the UK and expect to see new jobs resulting as we grow."

Mike Guellard, senior investment executive at NEL Fund Managers, said: "Repeat entrepreneurs like Mark are at the heart of the North East economy and he has both the engineering and business knowledge to make Select Works a great success."

NEL Fund Managers / Select Works /

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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