A specialist manufacturer based in Keighley has purchased its current premises with the support of a six figure loan from Lloyds Bank Commercial Banking, in addition to a grant from the Regional Growth Fund.
SEBA Developments manufactures a range of specialist electrical process heating equipment for clients including Rolls Royce and Airbus Industries.
The company is a division of Servicepower Ltd., which itself produces fibre optic cables for customers including Vodafone, Virgin Media and BT.
Based on the Keighley Industrial Park on Royd Ings Avenue, SEBA had until recently rented its premises.
Martin Johnson, managing director of SEBA, said: “The purchase of our premises will be a real boost for us, saving us the cost of renting the building that we were already settled in and enabling us to focus on our growth plans.
“We have a portfolio of high-specification products and export markets offer huge potential for us to expand.
“We currently sell around 35 per cent of our goods to overseas clients, and we are looking to increase that substantially in the coming year.”
Established in 1986, the Servicepower group currently has a turnover of over £3 million, which it is looking to increase by 10 per cent in 2015, as well as taking on additional staff to join its current team of 38.
The funding for the acquisition was provided under the Government-backed Funding for Lending Scheme (FLS), through which Lloyds Bank Commercial Banking offers customers a one per cent discount for the life of the loan.
Martin added: “The support from Lloyds Bank made it possible to secure our premises quickly and efficiently, while also enabling us to maintain cash flow within the business to allow us to consider additional acquisitions or opportunities this year.”
Ben Kimball, relationship manager for Lloyds Bank Commercial Banking, said: “SEBA is an excellent example of a manufacturing firm that has managed to expand and grow in a highly competitive marketplace by offering world-class products, and this purchase is a real vote of confidence in the local area.
“Our specialist manufacturing banking teams work closely with businesses in the sector right across the country.
“This enables us to offer support and guidance tailored to the specific needs of these companies to help them to take advantage of growth opportunities as and when they arise.”