A Newton Aycliffe steel fabrication firms has secured £805,000 from HSBC UK to purchase its premises.
Raisco, a specialist in structural steelwork, had been leasing its 45,000 sq ft premises on Aycliffe Business Park for the past nine years.
The funding has enabled Raisco to take ownership of the Langton Park premises, securing the long-term future of the business.
The purchase will allow Raisco to grow by accessing and developing additional space that was previously commercially unviable.
The purchase will also allow Raisco to further increase its floor space and reconfigure the premises, as well secure outside space that will together fuel organic growth of the business.
The additional space also means further employment opportunities are possible and enables Raisco to continue to improve its overall operational efficiency.
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 (ERDF).
Managing director Gary Raistrick 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 UK’s support, we can now move forward in re-developing the site to our requirements and the highest standards to support our future growth.”
Ben Foster, relationship director at HSBC UK, 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.”
Cllr 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.”
Sarah Slaven, interim managing director at Business Durham, added: “It is fantastic that the County Durham Growth Fund has been able to support Raisco to grow the business in County Durham.”