Businessmen make waves
PUBLISHED: 14:31 02 December 2009 | UPDATED: 11:16 23 August 2010
A TRIO of entrepreneurs have scooped £10,000 after winning a top award for their expertise in subsea cabling work with the offshore energy industry. Tim Marsh, Pat Oakley and Colin Bagge, founders of Power Cable Services Limited, in Crete Hall Road, Grav
A TRIO of entrepreneurs have scooped £10,000 after winning a top award for their expertise in subsea cabling work with the offshore energy industry.
Tim Marsh, Pat Oakley and Colin Bagge, founders of Power Cable Services Limited, in Crete Hall Road, Gravesend, boast almost 100 years' experience.
Stars from business, including Duncan Bannatyne from BBC TV's Dragon's Den, watched as they were crowned Winners of the International Award in the 2009 HSBC Start-Up Stars Awards last week.
Lord Mandelson, Secretary of State for Business, who attended the awards presentation, said: "Defying some of the toughest economic conditions for decades, these companies are succeeding in sectors across our economy and markets across the world.
"The dynamism, innovation and hard work of small-to-medium enterprises like this is what will power Britain's recovery now and growth in the future. Government is committed to ensuring they have the business environment and support they need to prosper."
Power CSL was formed in October 2006 to meet the growing demand for specialist engineering services within the subsea power cable industry. Now heavily involved in the rapidly expanding offshore renewable energy sector, the company is a supplier to a number of offshore wind, wave and tidal energy developers.
Ground-breaking technology pioneered by the company will be used in forthcoming wave energy projects. Awards were presented at a black-tie gala dinner held at London's InterContinental Hotel last Monday.
Power CSL sales turnover has grown from £300,000 in its first year to £1.4 million in 2008 - all achieved without any external financing.
It works with companies in countries as far away as North America and Norway and projects in Australia and the Middle East.
Head of business banking for HSBC, Huw Morgan, said: "Power Cable Services is an outstanding example and, hopefully, its success will be an inspiration to other start-up businesses.