Grimsby's Blackrow team turns to Barclays to fund growth ambition
Finance director Neil Ellis, centre, flanked by, from left, Kevin Peart, Barclays; Darren Broughton, Blackrow Group and Andrew Marsh and Ben Carver, also of Barclays.
By Grimsby Telegraph | Posted: 19 Nov 2018
Grimsby's Blackrow Group is gearing up for further growth, securing new banking facilities to support expansion plans and improve the site.
The deal has been reached with Barclays as it looks to increase turnover by 15 per cent in the next two years, taking it from £20 million to £23 million in time for the South Humberside Industrial Estate firm’s 40th anniversary.
Established in 1980, it 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.
Neil Ellis, finance director at 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.”
The firm employs 180 people at the sprawling Estate Road Seven site, working nationally for major food and energy clients. The space afforded by the former KP factory it part occupies allows it to demonstrate full lines and build off-site, vastly reducing down-time.
Kevin Peart, Barclays’ relationship director, put together the funding package for the deal. He 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.”