Oil company expands with Yorkshire Bank funding
A Lancashire-based manufacturer and supplier of industrial oils and lubricants is expanding its manufacturing base after securing funding from Yorkshire Bank.
Gannon Oils has purchased an additional 5,000 sq ft of industrial space adjacent to its base on Poulton Business Park, Poulton-le-Fylde.
The company, which employs 25 staff and also has sites in Northampton and the North East, is run by husband and wife team Mark and Julie Gannon who founded the business in 1993.
It has grown by securing contracts to supply its industrial oils, lubricants and greases to a wide range of blue-chip companies, both in the UK and abroad, operating in sectors including industrial, automotive, agricultural, construction, aviation and rail.
Mark, a director of Gannon Oils, said: “From small beginnings when we sold our first 25 litres of oil, we have become one of the UK’s leading providers of high performance oils, lubricants and greases, supplying to some of the UK’s biggest companies.
“While many businesses are shrinking, we are expanding and we needed a banking provider that was committed to supporting our growth aspirations. This purchase of additional industrial space is integral to our current five-year plan to significantly grow the business.”
Paul Drury, business partner at Yorkshire Bank’s Preston Financial Solutions Centre, which provided the funding, said: “Mark and Julie are incredibly focused on growing the business and, as a result, Gannon Oils has boosted its turnover significantly over the last couple of years. This purchase of additional space gives them the extra capacity needed to deliver those growth expectations over the next few years.”
The purchase of additional premises takes Gannon’s total occupancy at Poulton Business Park to 10,000 sq ft.
In 2010, Yorkshire Bank introduced its Investing for Growth package which offers a dedicated business planning service and flexible approach to investment finance to enable businesses to invest in quality growth opportunities.