A fifth company is set to move to an £18 million expanding business park, bringing 40 jobs with it.

Marine & Industrial Transmissions (MIT) is set to take up residence at Walbrook Business Park, in Queenborough.

The firm has been on the Island for more than 50 years and employs around 40 people.

It will move from its current base at Queenborough Shipyard to its new 2,000sqm unit, which is under construction.

MIT offers technical support, spare parts, and expertise in power transmission systems for the marine and industrial sectors.

Managing director John Logue said: “We are delighted to announce our move which secures the employment of our current workforce here on the Island and allows us to focus on expanding the business.

“We look forward to working together with Medichem Properties to build the perfect unit for us to achieve our goals.”

The new building is just one of four still to be constructed following the first two phases of the park project, comprising of 11 units across six building, which have already been built.

Walbrook is the brainchild of self-made Sheppey millionaire Tom Allsworth who founded Medichem, which is heading the project.

He unveiled the plans for the site in October 2022 and is set to spend £18 million on it.

Originally 30 separate units, ranging from 1,000 sq ft to 32,000 sq ft , were going to be built but Mr Allsworth explained that some of these have been combined to meet the needs of large businesses.

A total of £12 million has already gone into the scheme and there are further plans in the pipeline. Medichem would not be drawn on questions about further development which it says has not been finalised.

The new park has attracted local and national companies, the most recent of which was Screwfix, which opened in November.

The first to call it home was catalogue retailer, Easylife Ltd, which opened in May 2023 – albeit in the neighbouring site called Walbrook West.

It was followed in April by Sittingbourne-based firm ProXL, which specialises in paint products for the automotive industry.

Furniture retailer Howdens also set up shop in the park and opened in July.

IES Electrical Wholesale, which sells electrical supplies, opened for trade in Unit 1 on February 3.

Mr Allsworth said: “We are pleased to see national companies such as Screwfix and Howdens come to our new business park on the Island.

“Indications from both are that trade is above forecast, which proves that the Island is a great place for these types of trade companies to do business.”