Huddersfield steel manufacturer expands with funding
Huddersfield-based steel manufacturers CH Fabrications have invested in new premises thanks to new business wins and funding.
The manufacturer secured a £88k factoring facility through Lloyds TSB Commercial Finance which has allowed it to gain a percentage of invoice sales and freed up cashflow for the business.
Co-owners and directors, Carl Hurst and Tony Bennett have decided to build a bespoke factory on an 18,000 sq ft plot of land on Leeds Road.
The firm now has the capacity to produce 80 tonnes of steelwork per week and plans to increase output further by securing larger contracts across the region.
Carl Hurst said: “We started the company in 2009 as a small operation that manufactured iron gates for residential properties. As we built a solid customer base and won more contracts, we decided it was time to increase our production capabilities and we now have a factory which is tailored to our needs.
“We spotted a gap in the market to provide both a fabrication facility for the steelwork industry and also provide a commercially aware design and build service to the construction market.
“The factoring facility allows us to invest in future client projects without having to wait for payment from completed work. Our ambition is to secure even bigger contracts across Yorkshire so we can expand further and create more local opportunities for the community. We now work on a commercial scale and offer fabrication as well as welding services.”
CH Fabrications, which now has 14 employees, has also appointed two new members of staff as part of the growth.
Charlotte Jackson, regional manager at Lloyds TSB Commercial Finance, said: “CH Fabrications was established four years ago and since then it has grown into a busy and successful supplier of steel fabrication. This has been delivered through the determination and hard work of Carl, Tony and their team, and we are committed to supporting the firm with its on-going expansion plans and business aims.
“A factoring facility acts as an alternative funding source and can be helpful for a growing firm. The gap between an invoice being raised and a client payment can vary between a week and a few months and it is important that a manufacturer has the funds to work on new projects without disrupting the daily running of the business. We are looking forward to working with CH Fabrications in the future and helping them to achieve further success.”