Marine engineering firm Mainstay Marine Solutions has secured funding from Finance Wales and Barclays to expand its business in Pembrokeshire.
Mainstay Marine has used the funding to expand its premises in Pembroke Dock to allow the business to build more boats as its order book continues to grow, the company informed.
Stewart Graves, Mainstay Marine’s Managing Director, said: “Support from Finance Wales and Barclays has been vital to our expansion plans. 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.”
In addition to the Isle of Wight contract, Mainstay Marine has recently completed work on the DeltaStream tidal project on behalf of Tidal Energy Ltd. The plant was successfully placed in the Ramsey Sound late in 2015.
The company is also in the process of completing the third new pilot boat for the Milford Haven Port Authority.
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, according to Mainstay Marine.
Alun Thomas, Finance Wales Senior Investment Executive, added: “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. Their team, premises and order books are all expanding – which is great news for the marine economy here in Pembrokeshire.”