A £250,000 Business Loan from Finance Yorkshire has kick started a wider £4m plan to expand West Yorkshire-based Rosehill Polymers.
The company, which supplies world class polymer technologies and moulded rubber products to a wide range of global markets, was one of the first recipients to benefit from the increased level of funding from Finance Yorkshire’s Business Loans.
The funding has been used to purchase new plant and machinery to support the development of an additional production line at its head office in Sowerby Bridge.
It forms part of a wider plan to increase sales across all parts of Rosehill Polymers’ business sectors, including sports and play, military, rail, highways, biomedical, adhesives and the energy industry.
Dr Alex Celik, group managing director at Rosehill Polymers, said:
“The investment from Finance Yorkshire is part of an on-going project to expand our business.
“We currently operate across seven different business units, and our aim is to increase sales across all sectors, especially within the offshore energy, rail and highways market, where we have witnessed the most significant growth.
“Finance Yorkshire has enabled us to start our exciting expansion project, and has provided the catalyst for our bigger plan which we hope to be an overall £4million investment into our company.”
Rosehill Polymers was introduced to Finance Yorkshire by David Whitehouse, Corporate Relationship Manager at The Co-operative Banking Group.
Jonathan Craig, Finance Yorkshire investment manager, said:
“Rosehill Polymers is a forward thinking business that has interests in business ranging from chemical production to the oil and gas sector.
“They have focused on investing in research and development over the past five years and are now breaking into new growth markets.
“We are delighted to be able to support the business as they explore these markets, and we continue to be impressed with their vision and ambition for the future.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
Finance Yorkshire is supported financially by the European Union.
It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.