Fast-growth companies have created a notable new milestone at a North East business park.
One half of the Spectrum Business Park in Seaham is now full after cost management firm Great Annual Savings Group took an extra 6,803 sq ft of space in Spectrum 6 following a period of rapid expansion.
The company relocated its headquarters to the building in June and since then has doubled headcount to more than 60 staff – triggering the need for extra capacity. GAS has now expanded into the south wing of the building, which is now fully occupied with business services specialist BE Group taking the whole of the second floor and County Durham Housing Group occupying the first floor.
This means that one half of the business park is now fully occupied, with Spectrum 8 and the ground floor of Spectrum 7 also fully let and Spectrum 3 now under offer.
The increased activity at Spectrum is part of a wave of new investment in Seaham. A brand new Costa Coffee outlet has opened on the high street, the marina has undergone a multi-million pound transformation and Dalton Park has been expanded to include a new cinema, supermarket, restaurants and cafes.
Paul Wellstead, developer of Spectrum Business Park, said: “Seaham has been transformed beyond recognition due to significant investments from a whole host of companies.
Spectrum has been a major part of that and companies such as Great Annual Savings Group have benefited from relocating here.
“The business park is ideally situated near main transport links and I’m confident that we can attract other companies here. We’re already in discussions with several interested suitors. Spectrum 3 is currently under offer and Great Annual Savings Group has expressed an interest in taking up further space as it continues with its expansion plans.”
GAS has embarked on an aggressive growth strategy and recently created several senior positions to be filled in the next three months – including a head of international to oversee the roll-out of its global growth strategy. The company is on track to recruit another 30-40 staff by the end of this year, with the ultimate goal to increase headcount to 150 in 2016 – one year ahead of the original target.
Bradley Groves, chief executive and chairman of Great Annual Savings Group, said: “We located to Spectrum because we wanted to be part of the regeneration of Seaham. Since June we have doubled our headcount, created jobs for local people and provided work for companies in the area.
“We have some exciting plans in the pipeline and will look to expand further from our Seaham premises in the coming months. We are in early discussions about potentially taking another building on the site.”
Launched by Mr Groves in 2012, GAS helps businesses reduce their variable costs and save money in a range of areas including energy procurement, energy and water cost management, fire safety, telecoms and insurance.