A major investment in a flourishing engineering business has seen Finance Yorkshire hit a new milestone.
It has now invested £75 million in Yorkshire based SMEs such as Close Engineering, which has recently secured a £100,000 Business Loan from the regional funding body.
Established in 2003 by Neil Close, Close Engineering works predominantly with the National Grid, manufacturing labels, signs and control panels for sub-station sites.
The business is using the cash injection to refurbish new premises in Whitley Bridge near Eggborough, and invest in new fabrication machinery. A six-figure funding package from Lloyds Bank Commercial Banking enabled Close Engineering to buy the premises, and the additional investment from Finance Yorkshire has covered the costs of making the building fit for purpose.
Commenting on the investment, Neil Close said: “The loan from Finance Yorkshire is invaluable. It is allowing us to invest in larger premises, and a considerable amount of new machinery, which will allow us to meet our customers’ needs to an even higher standard.”
Chief Executive of Finance Yorkshire, Alex McWhirter said: “Close Engineering is typical of the type of Yorkshire SME we are so passionate about helping to grow. It is a company operating successfully in a niche market with all of the ingredients for long-term growth.
“We have now made more than 600 investments in SMEs throughout Yorkshire and the Humber, helping promising businesses to expand, maintain their competitive edge, create jobs and fuel the regional economy. We are continuing to work hard to make sure our investments continue apace, with businesses at various stages of growth and across all sectors.”
Gary Whitaker, relationship manager for Lloyds Bank Commercial Banking said, “At Lloyds Bank Commercial Banking we strive to help customers like Close Engineering find a finance package that is right for them, and we are happy to introduce them to additional funders like Finance Yorkshire to achieve this.”
Roger Marsh, the chairman of Leeds City Region Enterprise Partnership, said: “The manufacturing industry in the Leeds City Region is thriving and it is fantastic to see businesses like Close Engineering receiving investment for new machinery and to expand their premises.
“The LEP is working with Finance Yorkshire to support SMEs in the region invest in their businesses and grow their workforces and we will continue to develop this partnership to deliver good growth across the entire City Region.”
Finance Yorkshire is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from UK Government and £45million match funding from the European Investment Bank.
