Friday, August 26, 2016

News: Purex expansion backed by Finance Yorkshire

By

Purex International, a manufacturer of fume extraction systems, has expanded with the support of business loan from Finance Yorkshire.

Rothbiz featured the move earlier this year, when the £8m turnover firm expanded from its Manvers base and relocated to Thorne Park in Doncaster.

The firm manufacture systems that capture fumes at the source, preventing fumes escaping into the workplace, before filtering and recycling them meaning that fumes are not pumped into the outside environment. The systems are used in electronics factories and to remove all of the odours created by wide format inkjet printing equipment.

50% of Purex International products are sold to overseas customers. It also has a network of distributors across Europe.

Moving into a 18,680 sq ft unit, which it acquired on a freehold basis for an undisclosed sum, Purex said that the new purpose built headquarters will allow it to fulfil its current rapidly growing business and ambitious future expansion plans.

Advertisement

The business was introduced to Finance Yorkshire by Barclays, which provided a commercial mortgage, and the regional funding body provided a business loan to support the move.

Finance Yorkshire has invested over £105m into companies in Yorkshire and Humber having secured extra support from the Regional Growth Fund (RGF). Originally a £90m fund, it operated three investment teams - Seedcorn Finance, Business Loans and Equity Linked Investments. It secured £45m from the European Investment Bank, together with £30m investment from the European Regional Development Fund (ERDF) and £15m from the Government via Yorkshire Forward.

The relocation follows a management buyout in 2015, supported by Barclays, which saw Trefor Jones and Andy Easey acquire the company from Domino Printing Sciences.

Trefor Jones, managing director at Purex International (pictured, far left), said: "We were in rented accommodation but wanted to purchase our own building. This move gives us more stability for the longer term.

"Last year we opened a subsidiary in the US where we have been trading for many years . We have a good reputation in the market for the quality of our products and now we are able to offer an enhanced, local service. The US market is worth $220m so there is potential for growth."

Melanie Reynolds, portfolio executive at Finance Yorkshire (pictured, second left), added: "There is an exciting future ahead for Purex International as it looks to build on an already strong reputation for quality and service by building its US sales, developing new markets and investing in new products."

Purex International website
Finance Yorkshire website

Images: Finance Yorkshire


0 comments:

Sponsored by:
Members:
Supported by:
More news...

  © Blogger template Newspaper III by Ourblogtemplates.com 2008

Back to TOP