A SPECIALIST oil and gas firm has hit its five-year targets in 18 months and is taking on new staff.

R&A Kay Inspection Services, in Stockton, was bought by directors Duncan Jarrett and Ian Johnston in 2007 with the support of a £250,000 investment from Evolve Finance, the specialist mezzanine and debt division of regional fund management firm NEL Fund Managers.

The firm provides inspection- related services to the oil and gas, industrial gases and utilities sectors and counts Shell, BP, Esso and Chevron among its clients.

Having originally set a target of achieving ten to 15 per cent annual growth in its fiveyear business plan, the firm has surpassed its year five target within 18 months of the buyout, and has also created 15 new jobs, taking the number of inspectors employed by them to 65.

Managing director Duncan Jarrett says: “When we took over the company, we knew that making a few refinements to the business model and service provision could have a big impact on the company’s turnover and profitability, and the enhancements we made have helped us hit our original targets well ahead of schedule.”

Joanne Pratt, investment executive at Evolve Finance, said: “To have achieved its long-term targets in such a short period, especially when the wider economy has been experiencing such difficulties, is a real testament to their commercial expertise.”