Albacom secures £500k for expansion into new markets
Jim Davidson with business development manager Ken Clarke
Engineering design and manufacturing firm Albacom is set to expand after raising £500,000 to develop its business in new markets.
The company, which has grown out of the 1990 MBO of the Dundee division of Ferranti, specialises in electrical components for the global defence and aviation industry and has diversified in recent years into new commercial sectors.
Albacom secured a £400,000 loan from the Scottish Loan Scheme (SLS), part of the Scottish Government’s Scottish Growth Scheme, which is administered by Scottish Investment Bank. The remainder is from private investors.
The new finance will be used to support marketing activity, expansion of the company’s international footprint and further scaling of its engineering operations creating up to 20 jobs within three years.
The company’s current facilities include a 14,000 sq. ft purpose-built office and factory space in Dundee where it delivers bespoke products and services in electronic design & manufacture, CNC engineering machining lifting equipment testing, , electric motors and specialist microwave design & manufacture.
Jim Davidson, CEO, said: “We have deep roots in the Dundee area and are delighted to have the support of Scottish Investment Bank and the continued confidence from private investors as we move forward with our expansion plans at home and abroad.
a highly skilled staff with a collective 180 years of specialist design engineering and electrical experience and already count many multinational companies among our customers. This investment will create more high-quality jobs and will provide us with working capital to manage the long lead times we can experience on some projects.
“We have already secured lucrative contracts in the Far East and I believe our mixed offer and engineering expertise puts Albacom in a unique position to exploit multiple markets in the years ahead.”