Grimsby Business Engineers New Funding from Barclays
Grimsby based business Blackrow Group has successfully negotiated new banking facilities to support expansion plans with new bankers Barclays.
Established in 1980 Blackrow Group is based at Estate Road 7, South Humberside Industrial Estate, Grimsby. The business specialises in engineering and boasts an extensive product range including conveyor systems, gantry, mezzanine and platform manufacture, control and automation systems and pipework fabrication and installation. The new funding from Barclays will support their expansion plans to take on new contracts and improve their existing site.
Neil Ellis, Finance Director, Blackrow Group said: “We have recently won some major new contracts and we’re working flat out to maintain our existing orders. This new funding will enable us to compete for further new contracts and also help improve our existing site. We are expanding our working areas and installing new kit and equipment which will enable speedier turnaround for orders and we’re also hoping to expand our workforce as we continue to grow. We only recently transferred our banking to Barclays so it’s great that they have been proactive to not only support our growth plans but to also provide financial support so quickly.”
Blackrow Group employs 180 people locally and turnover for the current year is expected to exceed £20million, increasing to over £23million over the next two years.
Kevin Peart, Barclays Relationship Director put together the funding package for the deal and said: “It’s been great to welcome Neil and the team to Barclays and to be able to work with them so quickly on their growth plans. The site improvements and new kit and equipment will provide a slicker operation with an increase in capacity for more new contracts. The future looks bright for this well managed and ambitious business.”