WB Alloy Welding Products, based at Drumchapel in Glasgow, has unveiled plans to double its annual turnover to £20 million by 2021 in spite of challenging market conditions.

The business, which was acquired by managing director Paul Houston in 2015 in a management buy-out funded by Allied Irish Bank (GB), said it had achieved an annual growth rate of 10 per cent to 12 per cent over the past five years.

WB Alloy Welding Products noted, while some of its traditional markets such as oil and gas and renewable energy had declined, it had continued to grow because of its UK and international network, “process and product expertise”, research and development work, and business model.

The firm, which produces welding consumables and equipment, has two manufacturing plants, at Renfrew and at Ras Al Khaimah in the United Arab Emirates. It employs 28 people in the UK.

Mr Houston declared WB Alloy Welding Products had continued to expand its customer base and added-value chain in construction, defence, nuclear decommissioning and aerospace.

He said: “Long-term nuclear energy contracts are now beginning to bear fruit, with Hinkley Point C now under construction and nuclear decommissioning projects taking off.”

Signalling an appetite for acquisitions, he added: “The next step is to ramp up our organic growth and acquire businesses that can support our operations and enhance our offer to customers.”