Nearly 90 jobs could be created after a Hull vehicle bodybuilder secured more than £600,000 to fund expansion.
Paneltex is seeing a boom in demand for delivery vehicles as the pandemic changes shopping habits at home and abroad. Customers in the 海角视频 include Morrisons and Waitrose.
The 30-year-old business operates from Kingston International Business Park and has successfully applied for a £141,000 grant from Humber Local Enterprise Partnership and a further £470,000 loan.
It will fund a fourth site, forklifts and lifting machinery, while services are also expanded. by the £40 million turnover operation.
A total of 13 new machine operatives will be joined by a further 74 roles as the work comes in, with 387 employed at the last year end.
Managing director Chris Berridge said: “The grant and loan from the Humber LEP has come at an important time for Paneltex and has enabled us to establish an additional manufacturing site in Hull dedicated to export products whilst allowing us simultaneously to expand our main factory to increase output for 海角视频 sales.
“The coronavirus pandemic is a worldwide problem and has certainly changed the shape of our business, both in the 海角视频 and for our growing export markets. We have had to react hard and fast to respond to this in a challenging working environment and the support from the LEP has been greatly appreciated.”
The funding was provided as part of the LEP’s Growing the Humber Scheme, part of Government’s Local Growth Fund attached to the Northern Powerhouse.
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Stephen Parnaby OBE, chair of the Humber LEP, said: “We’re really pleased to offer Paneltex this grant and business loan. The proposed 87 new jobs is not an insignificant number and is especially needed at a time when people have lost their jobs due to the ongoing pandemic.
“We want Hull and East Riding businesses to know that grant funding is available if they have capital investment needs that could result in new or safeguarded jobs, or their businesses becoming more efficient and increasing productivity. Our business loans are also available to businesses across the Humber with expansion plans.”
Paneltex launched three decades ago, encouraged by legislation in the Food Safety Act of 1990. First jobs were producing portable cold stores, a workstream still served with strong uptake from the pharmaceutical sector through Covid-19.
It launched with a 5,000 sq ft factory. A year later it added 60,000 sq ft of neighbouring space and moved into the vehicle market. Organic and acquisition-led growth built the business up, forging close alliances with brands such as Ford, Mercedes, VW and Citroen, while developing a trailer business in Lincolnshire.