Marine Energy Wales

Home » Mainstay Marine secures funding for growth

logo (1)

A Pembrokeshire marine engineering company has secured investment from Finance Wales and Barclays to support expansion plans.

Mainstay Marine Solutions began trading two years ago with a staff of 31, and has since created an additional 50 jobs, including naval architects and mechanical design engineers, fitters, welders and business development staff. About 10 per cent of its employees are apprentices.

The funding has been used to expand its premises in Pembroke Dock to allow the business to build more boats as the order book grows.

Earlier this year, the company won a contract to develop a replacement floating bridge on the Isle of Wight. The new 121.4 ft chain ferry will transport a total of around 1.5 million pedestrians and 400,000 vehicles annually.

It has also recently completed work on the Delta Tidal Stream on behalf of Tidal Energy Ltd and is also in the process of completing the third new pilot boat for the Milford Haven Port Authority.

Mainstay managing director Stewart Graves 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.”

The full press release can be found here.