Power System Services Limited, which carries out performance
improvement services for heating and air supplies to fifteen power
stations, has completed the purchase of a second manufacturing
facility, after being awarded a grant of £200,000 from East
Midlands Development Agency (emda).
The purchase of the 3,158 sq.m. manufacturing facility at
Sheepbridge Trading Estate, Chesterfield, at a cost of £1.05
million, will enable the company to compete effectively in growing
markets for technologies to reduce harmful emissions.
Power System Services Limited was founded in 1994 to supply heat
exchanger baskets and air supported conveyors into the UK market.
Its products reduce power consumption and the need for maintenance.
The company is also a family business with Paul Beauchamp at the
helm.
After its Spanish supplier was taken over, the company purchased
the production lines of the only remaining UK manufacturer of heat
exchanger baskets and has subsequently captured most of the UK
market for its products as well as being a leading service provider
to power stations overseas. Turnover grew from £2.9 million
to £4.5million in the four years to 2009 and is predicted to
keep growing as a result of the global need to reduce harmful
emissions.
Paul Beauchamp, Managing Director of Power Systems Services,
commented: "The acquisition of a second manufacturing facility will
enable us to increase turnover and profitability, diversify away
from fossil fuel generating stations and develop employment roles
at all levels."
John O'Reilly, emda's Business Support Director, said: "Power
System Services is a prime example of a company that has weathered
the economic downturn and will go from strength to strength by
taking advantage of opportunities in emerging markets as a result
of new technologies. GBI has helped many businesses across
Derbyshire and the whole of the East Midlands to develop and
grow."
GBI is one of the Government's Solutions for Business products
and is part funded by the European Regional Development Fund
(ERDF).