An industrial fastening company that produces kits and bags for flat pack furniture bolts, nuts and screws is moving to a new manufacturing plant after receiving a £500,000 finance package from Yorkshire Bank.
Haroby Limited is moving to a new 22,000 sq ft premises in Skelmersdale in November after outgrowing its current 15,000 sq ft plant in Standish.
The move comes after the firm posted a turnover of £1.9 million and predicts 2012 to be its most successful year since the company was founded in 1994 by Paul Roberts and Andrew Byrne.
Paul said: “Even through the tough economic conditions, sales of flat pack furniture have remained steady and this has led to us working with more clients than ever before.
“The reason for the move is to service demand and increase production capacity while investing in the latest state-of-the-art machinery. Without the finance from Yorkshire Bank, this wouldn’t have been possible and we are delighted with their support.”
Haroby produces over 170,000 furniture packs per week for over 150 clients across the UK, which includes many household retail names. The business sources the furniture bolts, nuts and screws from the UK, Europe and the Far East.
Haroby, which employs 14 people, has also recently invested £80,000 in an innovative heat sealing bagging machine which allows the firm to increase the size of the packs, allowing more fixings to be inserted.
Mark Brady, business partner at Yorkshire Bank’s Bolton Financial Solutions Centre, which provided the funding, said: “We have a very good relationship with Haroby after working with them for many years. We have learnt a great deal about the business and can see clearly what their aims and objectives are. This is why we didn’t hesitate in supporting them, because we anticipate further success and can see real growth opportunities.”
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.