Midlands funding for Cannock-based engineering firm
A Cannock-based metal pressing and tooling company has growth firmly in its sights after securing finance from the Midlands Engine Investment Fund (MEIF).
After receiving a £40,000 investment from MEIF, through fund manager BCRS Business Loans, GHO Pressings is pushing ahead with plans to increase production – buying new equipment to bring the tooling arm of the business in-house.
Established in 2015, GHO Pressings specialises in metal pressing and tool design and will be creating an additional two jobs at its base in Norton Canes to accommodate increased sales.
Managing director Carl Harrison said: “Securing the loan from MEIF, through BCRS Business Loans, was pivotal in enabling us to progress with our growth plans, which will ultimately improve profit margins.
“Not only this, but we are creating two new full-time positions at the company, including an opportunity for an apprentice.
“We are proud to manufacture and assemble high quality pressings and tool designs, which is why we have continued to experience an increase in demand from new and existing customers right across the UK and beyond.
Louise Armstrong, senior business development manager at Wolverhampton-based BCRS Business Loans, said: “We are delighted to have funded the growth of GHO Pressings through the Midlands Engine Investment Fund.
“BCRS is a relationship-based lender and as soon as I met Carl and got to know the company, I was confident that the business had a very bright future ahead and was therefore happy to provide the business loan they needed to grow and create jobs for local people.
Grant Peggie, director at the British Business Bank - the government-owned business development bank which runs the MEIF programme – added: “It is great to see that MEIF is supporting a growing business in the West Midlands which is known globally as a world leader in manufacturing. The British Business Bank is providing more choice to small businesses in accessing the finance that they need to grow and innovate.”
Peter Davenport, partnership manager, at Stoke-on-Trent and Staffordshire Local Enterprise Partnership, added: "We took an early decision as SSLEP to support finance for small businesses which are the cornerstone of our economy and it’s good to see funding being used to support investment in small businesses.
"Staffordshire has a network of great companies and GHO Pressings is an excellent example of the creativity in local engineering firms. Our Growth Hub is providing direct advice to businesses and will be pleased to help and advise businesses across Staffordshire and Stoke-on-Trent."
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
