Port of Blyth sets sail on a major £12m investment with Lloyds Bank
A North East port has announced a new £12m banking facility with Lloyds Bank, aiming to help enable the next phase in its expansion.
Port of Blyth is set to make major investments in its terminal infrastructure and new warehouse construction, as well as strengthening quays and installing new cranes.
Having reported a second consecutive year of record financial figures in April 2017, including a 17 per cent increase in turnover, the Port is now viewed as “one of the UK’s fastest growing Trust Ports”, driven largely by development of offshore energy related activities.
Oran Robson, finance director at Port of Blyth, said: “The potential at the Port across numerous sectors is huge, but to make the most of those opportunities and to ensure we continue to diversify our offering to protect the business’ security, it’s crucial we invest now.
“This series of developments will facilitate a large number of new jobs on [the] Port land as we aim to double the number of those employed on site from 500 to over 1,000 in five to 10 years.
“These ventures will also act as a catalyst for growth in the local economy and will no doubt stimulate inward investment into the town.”
This expansion has made for a record level of investment from the Port, via the consolidation of a long-term relationship with Lloyds Bank, with spending set to support key developments serving clients in the offshore energy, dry and liquid bulks sectors.
Progress at the Port in recent years has seen the arrival of major clients including Royal IHC, Global Marine Group and DeepOcean.
Michael Hindhaugh, relationship director at Lloyds Bank’s Commercial Banking, added: “This investment represents a great step forward for the Port of Blyth.
“The new facilities will create jobs and investment straight away, and it will help to future proof the Port, making it a driver of prosperity for many more years to come.
“Lloyds Bank is committed to supporting investment that helps Britain prosper and we have dedicated teams on hand to offer bespoke funding solutions and expertise.”