05/07/2016

Pembrokeshire marine engineering company expands thanks to substantial Finance Wales co-investment deal

Marine engineering firm Mainstay Marine Solutions (Mainstay) has secured a substantial co-investment from Finance Wales and Barclays as it expands its business in Pembrokeshire.

Since beginning operations two years ago with a staff of 31, the company has created an additional 50 jobs in the area – from naval architects and mechanical design engineers, through to fitters, welders and business development staff. Mainstay has used the funding to expand their premises in Pembroke Dock to allow the business to build more boats as their order book continues grows.

“Support from Finance Wales and Barclays has been vital to our expansion plans,” explained Mainstay Managing Director Stewart Graves. “Through their support we’ve been able to secure new contracts – including building the Cowes to East Cowes, Isle of Wight chain ferry– and expand our workforce. Our market position, supported by our great staff and funders like Finance Wales has also allowed us to take on a significant number of apprentices to ensure the future for marine engineering and shipbuilding in West Wales remains bright.”

At any one time at least 10% of Mainstay’s direct workforce are apprentices.

In addition to the Isle of Wight contract, Mainstay has recently completed work on the Delta Tidal Stream on behalf of Tidal Energy Ltd. The plant was successfully placed in the Ramsey Sound earlier this year. They are also in the process of completing the third new pilot boat for the Milford Haven Port Authority.

“We’ve worked with Stewart and the team at Mainstay before. They’re an excellent company with a strong track record and a clear growth strategy,” added Finance Wales Senior Investment Executive Alun Thomas. “Their team, premises and order books are all expanding – which is great news for the marine economy here in Pembrokeshire. Their focus on training and development is providing opportunities for young people in the area and is helping ensure a healthy future for the firm.”

Marc Blockwell, Barclays Relationship Director said "This is a significant investment in a competitive market and paints a bright future for the business. By really understanding the business and the industry sector, we have been able to provide a funding package to support Mainstay throughout this exciting development. The investment demonstrates our confidence in the continued growth and success of the business."