Omega Plastics invest in new jobs
5 things we learned yesterday
The reigning North East Company of the Year has invested in two of its sites in the region to improve productivity and create new jobs.
Omega Plastics, which last year invested more than £1m on a new factory and headquarters in Washington, has installed new machinery at its plants in Blyth and Hartlepool.
The company - which manufactures equipment for the healthcare, automotive and defence industries - was the big winner at this year’s North East Business Awards. Now it is looking to add to its headcount after the investment in new machinery allowed it to add to its product range and improve order times.
A Tyneside company that is one of the country’s largest suppliers to the fish and chip market is eyeing increased turnover after help from a local manufacturing scheme.
Henry Colbeck, which employs 150 people at its headquarters on the Team Valley, is hoping to pull in £1m after being given help from the North East LEP’s manufacturing growth programme which will allow it to turn used cooking oil into green energy. The firm used the scheme to access expert advice that helped it gain the Environment Agency permits necessary for the oil conversion project.
Construction firm Northern Bear has ended the financial year with money in the bank for the first time since it listed on the London Stock Exchange.
The Newcastle-headquartered construction services firm, which floated in 2006, had a net positive cash position for the year ending March 31 after selling off its asbestos business, Chirmarn Holdings, in March. During the previous year the firm had net bank debt of £2.5m. Commenting on the recent trading update, Northern Bear executive chairman Steve Roberts said: “After many years of effort reducing bank debt, we are
Business groups are raising the pressure on the Government to change its approach to Brexit in the light of last week’s unexpected election Consumer spending has fallen annually for the first time in nearly four years, signalling more households cutting back amidst rising prices and stalling wage growth.
Spending fell by 0.8% year-onyear in May, Visa’s UK Consumer Spending Index found. It was the first annual fall since September 2013. The drop was driven by a 5.3% decline in “bricks and mortar” spending on the high street, with non-essential retailers hit hardest.