New premises drives expansion for North East automotive distributor
A Newcastle-based engine cooling and air conditioning specialist is growing its workforce and moving to a new site, with the support of a six-figure funding package from Lloyds Bank.
Read time: 5 mins Added: 23/04/2019
Advanced Radiators, 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.
Its move to a new 26,000 sq ft site in Washington will double its stock capacity, enabling the family-run business to bid for more national contracts and potentially increase exports to new markets.
Investing in state-of-the-art equipment
The business has also bought new state-of-the-art manufacturing equipment using an additional six-figure asset finance facility provided by Lloyds Bank, including an industrial guillotine to cut sheet metal, as well as an industrial oven and a paint booth.
In anticipation of the move, Advanced Radiators has increased its workforce by 20 per cent, with further recruitment in the pipeline.
"Owning our own facility has always been a big ambition for us as a family."
Philip Riches, co-owner, Advanced Radiators
Philip Riches said: "We hope this move will take our business to the next level.
"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."
Protecting working capital
Chris Middleton said: "The asset finance facility we provided Advanced Radiators is a great way for businesses to buy new equipment. There is no requirement for a lump sum up front, meaning firms can invest in growth, all while protecting their working capital.
"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."
All lending is subject to status.
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