A North East steel specialist is set expand and create jobs after securing more than £1m in funding.
Over the last 12 years, Newton Aycliffe based Raisco has become a leading steel fabrication firm, but its growth plans have been hampered by a struggle to physically expand.
The firm has leased its base at the Aycliffe Business Park for the past nine years, originally taking 35,000 sq ft but increasing that to 45,000 sq ft in 2019.
Now the firm has secured £805,000 from HSBC 海角视频, allowing Raisco to take ownership of the premises to secure its long-term future, while also allowing it access and develop additional space that was previously commercially unviable.
Raisco will increase its floor space and reconfigure the building, with the expansion potentially set to create new jobs.
To support business growth, Raisco also secured £245,000 from The County Durham Growth Fund, managed by UMi on behalf of Durham County Council’s economic development arm, Business Durham, and part-funded by the European Regional Development Fund.
Gary Raistrick, managing director at Raisco, said: “We have been working with our hands tied behind our backs for many years by not being able to develop our premises and expand in a way that would help the business grow and improve.
“There are exciting times ahead for Raisco now we have this additional floor space and added significant outside space to cope with increased output levels. Thanks to HSBC 海角视频’s support, we can now move forward in re-developing the site to our requirements and the highest standards to support our future growth.”
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Ben Foster, relationship director at HSBC 海角视频, added: “Purchasing its premises is an important step for Raisco to fulfil its potential and prepare the business for future growth. We’re delighted to help them to do this and look forward to seeing the business prosper in the months and years to come.”
Sarah Slaven, interim managing director at Business Durham said: “It is fantastic that the County Durham Growth Fund has been able to support Raisco to grow the business in County Durham. The fund was set up to support businesses to invest, expand their operation and create new jobs which is even more important now as we enter the critical recovery phase from the coronavirus pandemic.”
Coun Carl Marshall, Durham County Council’s cabinet member for economic regeneration, said: “Supporting businesses to expand is key to safeguarding jobs and creating new opportunities for County Durham residents.
“It has long been a priority for the council and will also play a crucial role in the county’s economic recovery from the impact of the coronavirus pandemic. I am delighted we have been able to support Raisco through our County Durham Growth Fund and wish them great success in the future.”