JBS Group bags £2m Barclays funding package

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North-east engineering firm JBS Group has secured a £2 million funding package from banking giant Barclays to support growth plans.

The Peterhead firm is eying different sectors and geographical markets, focusing on the US, for new opportunities.

It is already active in 28 countries, having diversified into the renewable energy and power industries, while a £300,000-plus contract from US aerospace company SpaceX added another string to its bow.

Founded in 1968 and originally serving the fishing industry, JBS Group provides specialist fabrication services and technology.

The funding from Barclays will allow the company, which turned over nearly £6m during the year to April 30 2018, to further develop sea axe excavation and blast containment systems that it plans to export.

JBS Group managing director Mike McCafferty said: “We’re no longer solely focused on oil and gas markets and have ambitious targets for growth in 2019, including development into new sectors and territories, which we hope will create new roles across the business.”

Barclays relationship director Hunter Inkster said: “JBS Group’s engineering expertise stands the business in good stead for expansion and development.

“Winning contracts with globally renowned companies truly demonstrates that Scottish businesses of all sizes can have a successful international reach.”

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