Newcastle-based engine cooling and air conditioning specialist, Advanced Radiators Ltd, is expanding its business and moving to a new site, with the support of a six-figure funding package from Lloyds Bank Commercial Banking.
Advanced Radiators Ltd, co-owned by brothers Mark and Philip Riches, is the largest independent engine cooling and air conditioning specialist in the UK for automotive, truck and heavy plant machinery.
The firm’s move to its new 26,000 square foot premises in Washington will double its stock capacity and available floor space, letting the family-run business undertake more national contracts and potentially increase exports to new markets.
In addition, Advanced Radiators has purchased new state of the art manufacturing equipment for its larger site, using an additional six-figure asset finance facility provided by Lloyds Bank. The equipment includes an industrial guillotine to cut sheet metal, as well as an industrial oven and a paint booth.
In anticipation of the move, Advanced Radiators has increased its workforce by 20 per cent, with further recruitment scheduled.
Philip Riches, co-owner of Advanced Radiators Ltd, said: “We hope this move will take our business to the next level. Owning our own facility has always been a big ambition for us as a family. We aim to provide the best workplace possible for our team and are looking forward to using our new equipment and increased numbers to take on bigger contracts and explore new opportunities overseas.
“We’re now very lucky to be based in one of the most important automotive manufacturing hubs in the UK. The support we’ve received from Lloyds Bank, combined with our own investment, has meant we’re perfectly positioned to continue building the company our father Keith Riches and his business partner Ian McKay started in 1982.”
Chris Middleton, relationship manager at Lloyds Bank Commercial Banking, said: “It has been extremely rewarding to be at Mark and Philip’s side as they’ve realised their ambitions. I’m excited to see where they take the business from here.
“On top of our commitment to lend up to £700m to businesses in the North East this year, we’re also continuing to work closely with firms to develop funding tailored to their specific needs. It’s one of the ways we’re helping Britain prosper.
“The asset finance facility we provided Advanced Radiators, for instance, is a great way for businesses to buy new equipment. There is no requirement for a lump sum up front, meaning firms can invest in growth, all while protecting their working capital.”