By Karen Peattie

UKSE, a Tata Steel subsidiary that provides loan and equity finance of up to £1 million to growing businesses, has completed its exit from Scottish engineering firm, ID Systems (UK).

The exit follows the Cumbernauld-based firm's acquisition last month by M-Group Services, a provider of infrastructure services throughout the UK.

ID Systems, established in 2002, has experienced rapid growth and secured a strong client base which includes Scottish Water.

UKSE invested in the company in both 2016 and 2018, with the funding used to increase its workforce by 70 per cent, creating an additional 60 jobs in the central belt.

The investment also enabled ID Systems to move into new premises and invest in new equipment as part of plans to undertake bigger projects. Between 2015 and 2018, the engineering firm’s turnover increased from £7 million to £17m.

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 plans 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 ID Systems was 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”. He added: “I have no doubt that they will continue to go from strength to strength as trailblazers in the industry.”

UKSE supports businesses affected by changes in the steel industry.