Together has helped save over 40 jobs by agreeing a loan for a manufacturer’s move to large industrial estate.
The specialist lender funded £550,000 in bridging finance for concrete product manufacturer Waycon Precast to relocate to a £1.65 million 10-acre commercial site at Rockbeare, near Honiton, Devon.
Waycon, which specialises in making concrete lift shafts, had been operating from a rented site more than 50 miles away in Plymouth. But the freeholder won planning permission to build houses there – meaning the manufacturing business would have to find a new home.
It had already secured a £385,000 grant from the South West Growth Fund, part of the government’s Regional Growth Fund, to create and protect jobs, by enabling the company to move to new premises, but no suitable property could be found as the deadline loomed for the company to vacate.
Together reviewed the case and, thanks to its expertise in providing fast funding, ensured a quick completion on the 46,000 sq ft Old Concrete Products Factory – and continuation of employment for the manufacturer’s 43 staff.
Paul Chadney, Together’s regional development director for the South West, said: “This was a great result for all concerned. Our investment – along with funds from the South West Growth Fund – meant Waycon could move quickly to secure the deal. It is a great example of how specialist short-term finance can deliver long-term solutions.”
Raymond Gerson, director of Waycon Precast, said the new site will mean the business will be able to expand to construct concrete frames for housing. He added: “This move will also save money in transport costs, since we will now be 53 miles closer to the main Exeter M5 hub than we were at their previous location.
“The company now has a really bright future and, importantly, jobs have been secured.”
Together was introduced by John Hutchings, grant manager for the South West Growth Fund, a fund run by the University of Plymouth in partnership with SWMAS Ltd, Source for Business and the Western Morning News.
Supported by the Regional Growth Fund, the £8.7 million South West Growth Fund supports transformational projects in businesses, primarily in manufacturing, marine and digital industries and is set to create a total of 1,000 new jobs across the South West.
Hutchings said: “We were delighted to work with Together and provide our own funding to help Waycon Precast into their new home. The move will give Waycon much more flexibility, and secure jobs in the South West region.”
Pictured: (L-R) John Hutchings (grant manager for the south west growth fund) Paul Chadney (regional development director for the South West at Together) and Raymond Gerson (director of Waycon Precast)
