A engineering solutions provider based in Lancashire has experienced strong growth after receiving a start-up loan from the Hyndburn Enterprise Trust, a delivery partner of the British Business Bank.
Denatec, founded in 2020 is Chorley, specialises in solving complex engineering challenges in a variety of industries, including oil and gas, subsea, clean and nuclear energy, materials manufacturing, and the automotive sector.
The business has since grown its team from two to 11 individuals and has seen a 295 per cent increase in turnover in the last year.
The two co-founders, Nathan Peel and Dean Talbot, each received a £15,000 start-up loan, which was crucial in the early stages of the business, providing funding to purchase the equipment needed to begin operations.
The loan has enabled Denatec to become a strong player in the industry, recently securing a contract with a major engineering, procurement and construction business to supply critical fluid cooling components into a ground-breaking fusion reactor application.
Looking ahead, the business is continuing to diversify its offering, including recent expansion into the hydrogen sector, developing equipment for the market which allows the long-term testing of materials exposed to hydrogen.
Denatec has also developed a comprehensive early-career offering, with particular focus on working with apprentices. By facilitating the growth of promising engineers, it has already welcomed two apprentices, with plans to expand the programme as the business continues to grow.
Nathan Peel, co-founder of Denatec, said: "We are incredibly grateful to the Hyndburn Enterprise Trust for providing us with the Start Up Loan. It has been pivotal in enabling us to start the business, expand our team, and secure contracts with reputable clients in a variety of industries. With plenty of exciting work in the pipeline, I can’t wait to see Denatec continue to grow."
Aileen Evans, executive director and business advisor at Hyndburn Enterprise Trust, said: “Denatec's success story is a testament to the importance of providing early-stage funding to ambitious entrepreneurs. We are proud to have supported this innovative engineering solutions provider in their growth journey and look forward to seeing their continued success in the future.”
Dr Sophie Dale-Black, UK network director, North West England at the British Business Bank, said "We are delighted to see Denatec's success since receiving investment. Start Up Loans have been incredibly useful in boosting businesses and local economies, and we are pleased to see the tangible impact it has had on Denatec's growth."
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