A Sheffield based commercial vehicle part supplier is looking to bring 100 more jobs to the region over the next five years, thanks to support from Yorkshire Bank.
Universal Components, which currently employs 135 staff, has made significant investments in the company over the past 12 months, recently making a long term commitment to a brand new 165,000ft purpose built premises in Barnsley that is due for completion mid 2016.
Since then the firm has gone on to secure funding from Yorkshire Bank, in the form of a £5million term loan, to purchase new equipment for the warehouse. By re-financing its existing banking facilities, Universal Components has also been able to increase its stock list from 16,000 line items to more than 25,000. A new state-of-the-art training centre within the facility will allow them to increase the skills and capabilities of current employees at all levels, while giving them the opportunity to train up more staff as the company continues to grow.
The latest deal was delivered by Yorkshire Bank Specialist and Acquisition Finance Senior Director in Leeds, Steve Roe.
Specialising in the procurement and sale of trucks and trailer parts for commercial vehicles, Universal Components has grown into a £29million turnover business and is now on track to increase annual turnover to around £50million over the next five years.
Its current customer base includes a network of around 350 commercial distributors and it exports to more than 30 countries in Europe, Africa, the Middle East and Asia.
David Kernahan, CEO of Universal Components, said:
“Our philosophy has always been the customer is king and we ensure everything we do is geared to meet and surpass our buyers’ needs. Our new training facility will ensure we can continue delivering that philosophy while the company continues to grow.
“Yorkshire Bank has been extremely helpful and flexible with the terms of their support package, and the additional funding will allow us to settle in to our new premises and given us the support to press on with growth plans for the next five years.”
Specialist and Acquisition Finance Senior Director in Leeds, Steve Roe, said:
“We are proud to support Universal Components, a long-standing customer which continues to seek new opportunities to grow. A strong, well-managed business, Universal Components makes an important contribution to the local economy by supporting a significant number of jobs in the region.”
“Our specialist knowledge of and focus on different sectors helps to bring a challenge to the market, giving small and medium sized businesses the speed and flexibility they need to fulfil their ambitions.”
Yorkshire Bank recently launched a series of lending initiatives for UK businesses, designed to encourage growth for new and existing customers. As well as capital-free periods for up to five years, the Bank has also introduced high percentage funding for businesses to purchase trading premises.
Yorkshire Bank has strengthened its support for UK SMEs by becoming the first to partner with the British Business Bank under its ENABLE Guarantees scheme. Up to £125m of new lending by Yorkshire Bank will help more small businesses achieve their growth ambitions.