A Cannock-based metal pressing and tooling company has its sights set on growth and is creating new jobs after securing funding from the Midlands Engine Investment Fund (MEIF).
GHO Pressings Ltd is pushing ahead with plans to increase production – purchasing new equipment to bring its tooling arm of the business in-house – after receiving a £40,000 investment from MEIF, WM Small Business Loans, from fund manager BCRS Business Loans.
Established in 2015, GHO Pressings Limited specialises in metal pressing and tool design and will be creating an additional two jobs at its base in Norton Canes to accommodate increased sales.
Carl Harrison, Managing Director of GHO Pressings (pictured), said: “Securing the loan from MEIF, through BCRS Business Loans, was pivotal in enabling us to progress with our growth plans, which will ultimately improve profit margins.
“Not only this, but we are creating two new full-time positions at the company, including an opportunity for an apprentice.
“We are proud to manufacture and assemble high quality pressings and tool designs, which is why we have continued to experience an increase in demand from new and existing customers right across the UK and beyond.
Louise Armstrong, Senior Business Development Manager at BCRS Business Loans, said: “We are delighted to have funded the growth of GHO Pressings through the Midlands Engine Investment Fund.
“BCRS is a relationship-based lender and as soon as I met Carl and got to know the company, I was confident that the business had a very bright future ahead and was therefore happy to provide the business loan they needed to grow and create jobs for local people.”
Peter Davenport, Partnerships Manager at Stoke-on-Trent and Staffordshire Local Enterprise Partnership, said: “We took an early decision as a SSLEP to support finance for small businesses which are the cornerstone of our economy and it’s good to see funding being used to support investment in small businesses. Staffordshire has a network of great companies and GHO Pressings is an excellent example of the creativity in local engineering firms. Our Growth Hub is providing direct advice to businesses and will be pleased to help and advise businesses across Staffordshire and Stoke-on-Trent.”
Grant Peggie, Director at the British Business Bank, added: “It is great to see that MEIF is supporting a growing business in the West Midlands which is known globally as a world leader in manufacturing. The British Business Bank is providing more choice to small businesses in accessing the finance that they need to grow and innovate.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
About the Midlands Engine Investment Fund (MEIF)
- The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
- The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
- The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
- The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
- The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.