Regional air conditioning firm purchases new premises with Lloyds Banking funding
Newcastle-based engine cooling and air conditioning specialist, Advanced Radiators Ltd is expanding and moving to a new site.
This has been made possible with the help of a six-figure funding package from Lloyds Bank Commercial Banking.
Advanced Radiators Ltd, co-owned by brothers Mark and Philip Riches, is the largest independent engine cooling and air conditioning specialist in the UK for automotive, truck and heavy plant machinery.
Philip Riches, co-owner of Advanced Radiators Ltd, said: “We hope this move will take our business to the next level. Owning our own facility has always been a big ambition for us as a family.
“We aim to provide the best workplace possible for our team and are looking forward to using our new equipment and increased numbers to take on bigger contracts and explore new opportunities overseas.
“We’re now very lucky to be based in one of the most important automotive manufacturing hubs in the UK. The support we’ve received from Lloyds Bank, combined with our own investment, has meant we’re perfectly positioned to continue building the company our father Keith Riches and his business partner Ian McKay started in 1982.”
The firm’s move to its new 26,000 sq ft premises in Washington will double its stock capacity and available floor space, letting the family-run business undertake more national contracts and potentially increase exports to new markets.
In addition, Advanced Radiators has purchased new manufacturing equipment for its larger site, using an additional six-figure asset finance facility provided by Lloyds Bank.
Chris Middleton, relationship manager at Lloyds Bank Commercial Banking, added: “It has been extremely rewarding to be at Mark and Philip’s side as they’ve realised their ambitions. I’m excited to see where they take the business from here.
“On top of our commitment to lend up to £700m to businesses in the North East this year, we’re also continuing to work closely with firms to develop funding tailored to their specific needs. It’s one of the ways we’re helping Britain prosper.”
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