A specialist vacuum forming company is set to create up to 16 new jobs with the expansion of its production facilities in Leeds.
Vacform designs and manufactures a diverse range of plastic products for industrial and commercial applications – from cosmetic point of sale displays to interiors for buses.
A joint package of funding from Finance Yorkshire and Leeds City Region Enterprise Partnership (LEP) totalling £365,000 has enabled the business to purchase the freehold of its premises at Felnex Industrial Estate, kick-starting expansion plans which include increasing production and creating new jobs.
To date Finance Yorkshire has invested £97m, enabling companies to increase their turnover by £352 million and attract a further £187 million from other private sector sources.
Through this activity, Finance Yorkshire investment has helped those SMEs to create and safeguard more than 10,670 jobs in Yorkshire and the Humber.
A family business established in 1967, Vacform employs more than 50 staff working across teams who design, tool, manufacture and trim products for customers across the UK. In addition, its Decksaver brand – used to protect DJ and audio equipment – is distributed overseas.
Vacform’s increased customer base has seen the company grow to a £4m turnover business. The investment from Finance Yorkshire and Leeds City Region LEP along with support from Lloyds Bank will enable Vacform to extend its 22,000 sq ft facilities by 15,000 sq ft and install a new power plant.
Roger Marsh, Chair of the LEP said: “Vacform are a growing manufacturing firm in the City Region and we were delighted to support their expansion with a business grant of £265,840.
“We are delighted to work with Finance Yorkshire and other private sector partners to facilitate the expansion of the firm’s facilities and create new jobs for the future.
“We encourage similar businesses, ambitious for growth, to contact the LEP and find out how we can support further business growth in the Leeds City Region.”
Alex McWhirter, chief executive of Finance Yorkshire, said: “We have forged strong working relationships with the Leeds City Region and the other LEPs in Yorkshire and Humber to enable successful manufacturing businesses like Vacform to achieve their aspirations while delivering prosperity and jobs to the regional economy.
“We are pleased to have made a significant contribution to this investment package which provides the platform for Vacform to exploit the market opportunities which lie ahead.”
Vacform managing director Kevin Quinn said: “The extension of our facilities with the upgrading of our power supply will increase our capacity and enable us to take on larger contracts. It will also improve the efficiency of our production processes.”
Vacform plans to employ another 16 people over the next two years, including apprentices who it sees as a key element of its workforce.
Kevin added: “We were able to attract the investment because we have got a strong order book, a healthy balance sheet and we’re creating jobs in the Yorkshire region.”
The deal was introduced to Finance Yorkshire by David Wright of Key Commercial Finance Solutions Ltd. Finance Yorkshire invested £100,000 from its Business Loans fund; The LEP invested £265,840.
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.