A Cheshire-based laundry and cleaning products specialist is aiming to double its turnover and take on 10 more staff after sealing a £1.5m finance package.
Prime Industries currently has revenue of £2m, but the injection of funding via financial consultancy Central Business Finance will allow the company to increase its headcount, buy their premises in Widens and invest further in machinery and infrastructure.
Midlands-based Central sourced the funding sourced the funding with combined package of commerial mortgage, a brdiging loan, asset finance and £140,000 European grant.
Prime Industries is a specialist manufacturer and supplier of laundry and cleaning chemical products with clients ranging from the healthcare sector to agriculture and industry.
A well-established business operating for 11 years, it currently employing 15 of staff and will utilise the funds to drive expansion into new sectors and continue research into developing new products, specifically reducing infection and bacteria for their hygiene focussed clients, purchase new equipment, hire an additional 10 members of staff and buy its 19,000sq f factory.
Roy Longshaw, managing director, Prime Industries said: “To develop and diversify our products, secure the future of our business, provide new and existing customers with a quality and ever developing product it was clear we needed to invest in our machinery, our workforce, our research and development and ultimately our premises.”
Chris Brown, corporate finance director at Central Business Finance, added: “Having worked with thousands of businesses like Prime over the years, my colleagues and I have built up key relationships with lenders and investors and understand the complexities of attaining finance to fund projects, especially at this level.
“Accessing both grants and other business finance products especially commercial mortgages can be complex, time consuming and often scary to many businesses, but our experienced team understand the market very well and achieving this £1.5m finance package for Prime Industries is testament to our knowledge of the sector and our understanding of the lending criteria often put in place.”