27 February 2019
Shawbrook Bank has provided an Aberdeen engineering design firm with nearly half a million pounds in funding to support its continued expansion.
Cadherent provides technical support for engineering projects in sectors such as oil and gas, building and construction, electricity facilities and renewables.
The £450,000 loan facility from Shawbrook Bank will provide the business with capital to support its current recruitment drive.
Cadherent has experienced an upturn in consultancy work from a number of sectors and is expanding its skilled team to meet the increase in demand.
Cadherent was in established in 2006 by David Thompson, Managing Director, who has more than 30 years’ experience in the oil and energy sector.
The company offers a range of technology solutions to companies around the world, including engineering and draughting solutions, 3D surveying and modelling and technical animations.
David Thomson, Managing Director at Cadherent, says:
“The oil and gas industry is a challenging industry to be involved in and we must be able to respond to changing market conditions. The funding from Shawbrook will give us the flexibility to take advantage of new business opportunities and continue to expand and upskill our team. Shawbrook clearly understand our industry and are aware of how market conditions can change. They are an agile, supportive lender that will provide us with the funding to fulfil our ambitions and we are delighted to be working with them.”
Kevin Boyd, Managing Director, Scotland at Shawbrook Bank, says:
"The oil and gas industry in Aberdeen remains crucially important to the Scottish economy, so it's great to see businesses like Cadherent employing more people and continuing to grow. The services they offer are highly specialist, like many other clients in this sector, which is why we have enjoyed working with David and the team - getting to grips with complexity and supporting businesses like Cadherent is what we do best."