Investing for Growth gives manufacturing a boost
A North East manufacturer is expanding rapidly thanks to backing from Yorkshire Bank’s Investing for Growth Initiative.
Global Manufacturing Supplies in Prudhoe is moving into a new warehouse where a new components assembly facility will be located. In the building, Global will offer a bespoke service to customers, and hopes to reduce storage, logistics and delivery work for their clients.
It is now hoped that the new facility will drive Global Manufacturing’s growth, and will increase the company turnover from £7.9 million to £10 million annually.
Founder and managing director Owen Ingram commented: “Our expertise enables us to source, import and store components for our customers and deliver them just in time – exactly as if they were coming direct from China. We do this in a way which maximizes the benefits of cost efficiency for our customers and eradicates the complexities of the import process because we manage it all for them.
Yorkshire Bank’s Investing for Growth Initiative gives businesses the chance to take advantage of growth opportunities by offering loan repayment holiday’s interest-only repayments and extended loan and credit terms. Through the scheme, Global Manufacturing has won a number of important contracts from the US parent companies of UK businesses they are already working with.
Yorkshire Bank Newcastle FSC business partner, David Wilson, who arranged the funding, says: “Owen Ingram has built up a very successful operation which makes importing from China far easier while remaining cost-effective. The business is set to grow and we’re pleased to be backing this expansion.”
This was posted in Bdaily's Members' News section by Ruth Mitchell .