A Holbeck-based supplier of bearings has secured a £500,000 investment from NPIF II – Mercia Debt Finance to boost its exports.
Quality Bearings Online, which is based out of Gelderd Park and provides for customers worldwide, will use the funding to boost its exports to South America and expand into other sectors. The 13 year-old firm supplies manufacturing and engineering firms in more than 120 countries - generating more than 90% of turnover from exports.
Led by Denny Maude and Simon Riley, Quality Bearings employs 27 staff and is said to be one of the first online suppliers of its type. In 2022 the business won a Queen's Award for Enterprise for International Trade and last year launched a trade sales division having acquired the assets of Bradford neighbour Euro World.
The firm has also expanded into a second unit adjacent to its existing premises and is said to have achieved a 28% increase in turnover.
The NPIF II funding will give Quality Bearings working capital to fuel growth plans including setting up a new division to target the defence, aerospace and advanced engineering sectors - a move which creates three jobs.
Denny Maude, CEO of Quality Bearings, said: “By embracing e-commerce, Quality Bearings brought a fresh approach to a traditional industry where sales were handled over trade counters. Our ability to quickly source products and deliver to customers worldwide, often within one to two days, has been key to our success.
"Looking ahead, we are focused on continued growth and becoming the number one choice for premium bearing supplies on a global scale.”
Gary Whitaker of Mercia Debt added: “Quality Bearings has been a pioneer in the industry and its experienced management team have continued to drive the business forward. Following a year of heavy investment, in which the company has doubled its floorspace and expanded into trade sales, this funding will enable the team to move on to the next phase of growth.”
Lizzy Upton, senior investment manager at British Business Bank, said: "Trading internationally has recently presented challenges for many businesses, but this funding demonstrates that with the right support, companies can access the financial tools they need to succeed and adapt to changing market conditions.
"It's always inspiring to see a Northern business expand its global footprint, and we're especially excited to see it tap into new markets across South America."
