A FUNDING boost of £1.5m is to create 35 new local jobs at Genpower’s headquarters Pembroke Dock.

The Pembrokeshire-based UK distributor of Hyundai Power Equipment was allocated the money from HSBC’s £400 million SME Fund, which is specifically for Welsh companies.

Genpower also secured a six-figure loan from Finance Wales and a repayable business loan from the Welsh Government, while qualifying for the 2 per cent interest-rate reduction Finance Wales offers businesses in enterprise zones.

In March, 20 jobs were created when the firm moved its UK headquarters from Milford Haven to the former Cambrian Windows site in Isaac Way, Pembroke Dock.

The move enabled the firm to operate from one site, increase warehousing and workshop capacity, and open a new training facility, showroom and assembly line.

The company has sole UK and Ireland distribution rights to sell Hyundai power products, such as energy efficient portable generators, and has also been awarded a similar exclusive agreement to sell Hyundai garden products and Power tools.

The company has doubled its turnover in the last two years to £3.3million, and plans to grow that to over £6 million by 2016.

Genpower Managing Director Roland Llewellin said: “We are delighted with the new premises.

“It has transformed our business, with greater efficiencies, huge potential for growth and better working conditions.

“We are seeing a big increase in demand for the Hyundai diesel standby generators ahead of this winter’s inevitable power cuts, both from businesses and home owners and the new building and additional funding from HSBC, Finance Wales and Welsh Government has allowed us to gear up to meet this demand.”

Economy Minister Edwina Hart said: “Genpower has some exciting plans for future growth which include creating jobs locally and I am pleased the package of funding from HSBC, the Welsh Government and Finance Wales is supporting its expansion in the Haven Waterway Enterprise Zone.”