Doncaster engineers to fulfil new contracts with £150k loan

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Doncaster engineers to fulfil new contracts with £150k loan
(L-R) Peter Sorsby, Andy McKenna, Phil Bingham, Mark Wilcockson

Doncaster engineering firm Universal Coatings has secured a £150,000 loan from NPIF-Mercia Debt Finance to fulfil new contract wins and create new jobs.

The fund is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund.

Universal Coatings, which made the steel walkways for the sports complex in the 2012 Olympics, was founded in 2007 by Phil Bingham and Phil Pantry.

“Structures are fabricated in our Doncaster workshop and we then send a team to the site to install them,” said Mr Bingham.

“However we need access to finance to fund projects of this type and the bigger the jobs, the greater the sum required. The funding package from NPIF – Mercia Debt Finance was ideal for our needs.”

Peter Sorsby, Investment Manager with Mercia Fund Managers, said: “This funding will support them as they deliver their next round of contracts and continue to grow the business.”

Andy McKenna, an Access to Finance Advisor for the Sheffield City Region Growth Hub who helped Universal Coatings obtain the funding, said: “Universal Coatings have made great strides in recent years but like many growing businesses needs organisations like Mercia Technologies to provide the capital needed to enable growth.”

Mark Wilcockson, Senior Relationship Manager at British Business Bank, said: “The funding provided by NPIF – Mercia Debt Finance will support the ongoing growth of the business as it looks to invest in its staff and secure several new lucrative contracts. We look forward to seeing the business develop in the coming years.”