MRO specialist secures £750,000 investment

Propeller will use the funds to boost its expansion plans, key to which it says is the new Pro-Vyda inventory control system. The Pro-Vyda system offers measurable cost and efficiency savings to large multi-site manufacturing companies and Propeller aims to double its turnover in the next two years to £15 million. Propeller's chief executive Tony Goodwin commented: "Our aim is to increase the company's annual turnover to £15 million by 2014 and we will recruit additional staff to meet the increased demand for our systems and services. "We'll use FW Capital's investment to continue developing our technology and to refine our products and services. It will also help us push ahead with our expansion plans for Europe." Managing director Carl Brookes added: "Our new Pro-Vyda system is key to our expansion. It enables companies with diverse and complex manufacturing operations to dramatically reduce spend on spares and consumables... Clients can achieve cost and efficiency savings in excess of 40%." Propeller was established in 2001 and initially provided outsourced stock management systems to manufacturers. The company has since developed its own web-based systems which are used in the automotive, aerospace and food sectors. FW Capital has made the investment from the £20m North East Growth Plus Fund, part of the £125 million Finance for Business North East Fund. Pictured (l-r) are Catherine Young, Propeller's commercial director; Tony Goodwin, chief executive; and Joanne Pratt, FW Capital