UKSE has completed a successful exit from Cumbernauld-based engineering firm, ID Systems (UK) Ltd.
ID Systems, which specialises in the water and utilities sector, was established as a local business in 2002. Since then, the firm has experienced exceptional growth and secured a strong client base including utilities giant Scottish Water.
UKSE invested in ID Systems in 2016 and 2018, with the funding used to increase its workforce by 70%, creating an additional 60 jobs in the central belt.
The investment also enabled ID Systems to move into new premises and invest in state-of-the-art equipment, as part of plans to undertake bigger projects. Between 2015 and 2018, the engineering firm’s turnover increased from £7 million to £17 million.
UKSE, a TATA Steel subsidiary that provides loan and equity finance of up to £1m to growing businesses, was bought out after ID Systems was acquired last month [Oct 2020] by M-Group Services, a leading provider of essential infrastructure services throughout the UK.
Stuart Devine, finance director at ID Systems said: “Over the years, UKSE have been very supportive of what we are trying to achieve at ID Systems. Their investments have allowed us to create new roles and capacity within the business, which have given us the tools to grow.
“Thanks to UKSE, we have been able to develop and grow the business at a rate that would not have been possible without their support. We’re very much looking forward to ID Systems’ next chapter, where we aim to develop the business beyond Scotland.”
In the next six years, ID Systems aims to create an additional 150 jobs in the UK, as it eyes bigger, more profitable projects throughout Scotland and England.
Scott Webb, Area Manager at UKSE said: “Working with ID Systems over the last four years has been a pleasure. They are a fantastic example of how, with plenty of motivation and the right support, a business can grow from a local enterprise to a national firm.
“I wish ID Systems all the best with their future endeavours. I have no doubt that they will continue to go from strength to strength as trailblazers in the industry.
“I’d encourage other growing businesses seeking support to get in touch with our experienced team.”