Durham steel specialist shows its mettle with £1m in growth funding

A North East steel firm has announced that it will be taking ownership of its premises as it receives more than £1m in funding.

Raisco, a specialist in structural steelwork, has received £805k in funding from HSBC UK in order to purchase its current premises in a move that it says could lead to further employment opportunities.

The company has leased the unit in Aycliffe Business Park for the past nine years, currently occupying 45,000 sq ft of the space.

It said that the purchase will allow it to increase its floorspace and secure outdoor space.

To support this business growth, Raisco has also received £245k from the County Durham Growth Fund, which is managed by UMi on behalf of Business Durham, and is part-funded by the European Regional Development Fund (ERDF).

Gary Raistrick, managing director at Raisco, commented: “We have been working with our hands tied behind our backs for many years by not being able to develop our premises and expand in a way that would help the business grow and improve.

“There are exciting times ahead for Raisco now we have this additional floor space and added significant outside space to cope with increased output levels.

“Thanks to HSBC UK’s support, we can now move forward in re-developing the site to our requirements and the highest standards to support our future growth.”

Ben Foster, relationship director at HSBC UK, added: “Purchasing its premises is an important step for Raisco to fulfil its potential and prepare the business for future growth.

“We’re delighted to help them to do this and look forward to seeing the business prosper in the months and years to come.”

Sarah Slaven, interim managing director at Business Durham, said: “It is fantastic that the County Durham Growth Fund has been able to support Raisco to grow the business in County Durham.

“The fund was set up to support businesses to invest, expand their operation and create new jobs which is even more important now as we enter the critical recovery phase from the coronavirus pandemic.”

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