Invest Northern Ireland is supporting a £3.85 million investment by Bangor based Regency Carpets, which also owns Regency Spinning in Newtownards.
The investment will strengthen the competitive position of both manufacturing facilities, securing the combined staffing level of 244. In addition, up to 64 new jobs will be created over the next 3 years - generating over £5 million in additional wages and salaries per annum in the North Down and Ards economy.
As a result of the investment both companies are planning to develop new products, step up their marketing activity and strengthen their skill base.
Regency Carpets is continually introducing new ranges and will become one of Ireland’s only manufacturers of 5-metre wide tufted carpet, an area of high growth in the sector.
Regency Spinning will undertake further research and development of its loop-pile system – a technique which improves carpet wear performance and provides increased yarn bulk meaning less yarn is required in carpet production.
Announcing the investment, Invest NI’s chief executive Leslie Morrison, said: “This is a significant investment in the high-value textiles sector in North Down and Ards. It will secure employment, create jobs and help Regency Carpets and Regency Spinning to boost productivity, increase turnover and promote the Regency brand.”
“Despite difficult trading conditions in recent years the companies have maintained a focus on innovation and on the development of higher value-added products. This investment will allow them to further expand their capability and exploit their growth potential.”
“The focus on 5 metre production and on R&D will help Regency achieve significant growth over the next three years by enabling them to respond to market demand for specific products and target new markets in the UK and Europe.”
Malcolm Gibson, Group Managing Director for Regency Carpets said: “We are making a major investment in plant and machinery to allow us to develop new yarns and new carpet ranges and to significantly increase production volumes.”
“The Regency brand is synonymous with quality and we want to exploit that through targeted marketing and by entering into strategic alliances. We’re confident that, with Invest NI’s support, Regency Carpets and Regency Spinning will remain major players in the UK and European carpet manufacturing sector.”