Loan helps family firm develop new products
A family-run business which started life in a bedroom has received a £92,000 loan that has enabled the firm to manufacture a new health and safety product.
C and C Hydraulics was established in 1994 by husband and wife team, Ian and Lorraine Couch, in Keighley, West Yorkshire.
It has grown into a leading supplier of hydraulic cylinders and systems both in the UK and export markets around the world and now a Business Loan from Finance Yorkshire means the firm can develop a new product.
Lorraine said: “We set up C and C Hydraulics 19 years ago and dealt with the buying and selling of hydraulic equipment from Europe and distributing it around the UK.
“Six years ago we expanded into manufacturing and we have continued to grow year on year.
“In 2008 we were producing 200 cylinders per month – but last month we supplied 2,500 which is why we moved into bigger premises in 2012.”
The business, which is based on Aireside Business Park, wanted to buy more equipment and approached Finance Yorkshire for assistance.
Lorraine added: “We wanted to purchase machinery that helped us to manufacture synchronised telescopic cylinders – which are predominantly used in elevator or lift applications and so can be used to replace the ladder in the workplace. Adding this to our portfolio opens us up to other industries.”
Finance Yorkshire Investment Manager Jonathan Craig said: “C and C Hydraulics is well established and has a strong presence in the agricultural sector. Following the relocation, there was an opportunity to continue its expansion and continue to grow their export market into Australia and the USA. “
“We were pleased to help a home-grown company go into its twentieth year of trading and we are excited to see it grow into new sectors.”
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.
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