Operating from a new 1,100 sq meter site at Wentloog, the new unit will focus on the industrial application of surface and coatings technology. The firm forecasts that its turnover by the end of year one will be £1.2million, with 75% of sales into the UK market and 25% as exports. The business will focus on research and development of new coatings technologies for markets including gas turbine, oil and gas, renewable energy, medical and automotive.
Along with investment from its principal shareholders - Rafal Tomaszek, Darren Winnel and James Smith - the new division has been supported by a £70,000 package from RBS, and a £130,000 facility from Finance Wales. The day to day running of the business will be managed by its principal shareholders who have between them extensive experience in the technology and its markets.
James Smith, Director of EPC said: "There is a clear synergy between the coating services offered and the technological development side of our new division. This move enables us to provide a full coatings production service. We have ambitious forecasts for our first year but given our experience of the sector we are confident these are realistic targets, and we hope to have increased our workforce by 10 within the next two years."
RBS senior relationship manager Dave Lucas said: "They are using their expertise and in-depth knowledge of the industry to develop new technologies that the sector needs. As well as a significant funding package we have also been able to support them with invoice discounting through RBS Invoice Finance, which has enabled them to release cash from their existing assets. I am confident that the team at EPC will make great strides in establishing this business."
Commenting of Finance Wales’ £130,000 investment, senior investment executive Nick Larcombe said: "EPC has spotted some interesting potential opportunities in its existing markets, as well as in some potential new ones such as manufacture of coated components. Finance Wales’ investment will provide EPC with the capital to set up a new facility, to provide a full production coatings service that will complement what the business can already offer. We wish the team at EPC well."