New headquarters for global exporter of fume extractors
A fume extractor manufacturer has moved to larger premises and is targeting growth in the US following investment from Finance Yorkshire.
Purex International makes a range of appliances that remove harmful fumes by purifying and recirculating air back into a factory. Users include companies in the electronics and laser and printing industries.
Purex International employs 30 people across the UK and US and reported a turnover of £8m in the year ending October 2015.
Finance Yorkshire provided a Business Loan to support the growth of Purex International as it relocated to a 20,000 sq ft facility in Thorne, near Doncaster. The business was introduced to Finance Yorkshire by Barclays, which provided a commercial mortgage.
The relocation follows a management buyout in 2015, supported by Barclays, which saw Trefor Jones and Andy Easey acquire the company from Domino Printing Sciences.
Trefor said: “We were in rented accommodation but wanted to purchase our own building. This move gives us more stability for the longer term.
“Last year we opened a subsidiary in the US where we have been trading for many years . We have a good reputation in the market for the quality of our products and now we are able to offer an enhanced, local service. The US market is worth $220m so there is potential for growth.”
Fifty per cent of Purex International products are sold to overseas customers. It also has a network of distributors across Europe. The business was previously based in Manvers, Rotherham.
Melanie Reynolds, Portfolio Executive at Finance Yorkshire said: “There is an exciting future ahead for Purex International as it looks to build on an already strong reputation for quality and service by building its US sales, developing new markets and investing in new products.”
Since its inception, Finance Yorkshire has invested in more than 460 companies, enabling those businesses to increase their turnover by a collective £377 million and attract a further £273 million from private sector sources. Finance Yorkshire investment has helped those SMEs to create and safeguard more than 12,000 jobs in the region.
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 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, UK Government and the European Investment Bank. Finance Yorkshire is also supported by the Regional Growth Fund.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0300 030 6060.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire