Business Loans Case Study
A family business established in 1967, Vacform employs more than 50 staff who design, tool, manufacture and trim products for customers across the UK. Typical products include machinery covers, aerospace components, transport seating, signage and point of sale displays. 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. The business wanted to extend its 22,000 sq ft facilities by 15,000 sq ft and install a new power plant.
Finance Yorkshire Involvement
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.
The Investment Rationale
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 plans to employ another 16 people over the next two years, including apprentices who it sees as a key element of its workforce.
Managing Director Kevin Quinn said: “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.”
Note: this case study is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire