Highways repair company on the road to success with Finance Yorkshire
Bad weather may have a disastrous affect on the condition of the region’s roads, but a Wakefield company is helping businesses to enjoy a smoother ride.
Route One Highways Ltd, based in Horbury Bridge, specialise in highways repairs after creating a quick and cost-effective solution to fixing potholes. Snow, ice and freezing conditions lead to the expansion and contraction of road surfaces creating significant damage to the road network.
The recent cold snap is believed to have caused more than £100million-worth of damage to UK roads.
Route One, established in November 2005, has developed a turnover of more than £3million. The majority of its work is with the Highways Agency, but the company is now keen to expand its services into the private market, such as distribution and retail depots.
To help support the expansion Route One has received a £100,000 business loan from Finance Yorkshire. The money will be used to develop a new brand strategy for the company, redevelop their website and take on new sales staff.
Matthew Pert, Director of Route One, said: “In the last five years we have built-up a solid business which has been profitable since day one. The investment from Finance Yorkshire will enable us to take the company on to the next level.
“We work closely with the Highways Agency, helping to repair motorways quickly with as little disruption to the network as possible, and this will continue. However, to take the business even further forward we see the private market as a key area.
“The expertise and process we offer on the motorways can be replicated for businesses to ensure their transport infrastructure remains workable.
“The development of a new company brand will also enable us to highlight the growing work we are doing in addition to highway repairs, such as bridge and structural maintenance.“
Shafiq Khan from accountants Clough and Company LLP, based in Cleckheaton, West Yorkshire, introduced Route One to Finance Yorkshire.
Jonathan Craig, Investment Manager at Finance Yorkshire, added: “Route One has developed innovative and cost-effective road repair systems which have enabled them to create a profitable business operating on a national scale.
“It is pleasing to see their plans not only to expand into the private market, but to diversify into other areas and Finance Yorkshire is delighted to help them on to the road to further success.”
Helping a range of small and medium sized businesses to meet their funding requirements for growth and development, Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m.
The project 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.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire