A Lancashire cable grip and wire rope maker will double the size of its UK business by moving to a new premises.
Slingco Ltd has used a £1m funding package from NatWest to finance the construction of its new HQ on New Hall Hey Road in Rawtenstall after outgrowing its existing base in Whitworth.
It will move to the 32,000sq ft space in December to accommodate business growth as it looks to recruit new members of staff.
The firm also secured finance from NatWest as part of the Coronavirus Business Interruption Loan Scheme (CBILS) to fund the delivery of its growth strategy, including expansion into new markets and products.
David Carroll, finance director at Slingco Ltd, said: “Although 2020 has been a challenging year, we remain in a strong position. Thanks to the support from NatWest, our new premises will further strengthen our position in the UK and international markets, and prepare us for future growth.
“Going forward we are looking to expand our range of high-quality products and invest in new technology to help with product development and improve efficiencies. We’re excited to move into our Rawtenstall premises in December, ready to progress these growth ambitions.”
Founded in 1980 by Chris Dykins, Slingco designs and manufactures products for cable and conductor installation, support and protection.
The company is now run by Mr Dykins' sons Nick, UK managing director, and Matt, president of Slingco America Inc.
It employs 65 staff at its UK headquarters and a further 31 in Georgia, USA and India. The firm won The Queen’s Awards for Enterprise: International Trade in 2016 and 2020.
Plans are also underway for Slingco subsidiary, Thurra Ltd, an engineering inspection firm to move from its rented premises in Rochdale to Rawtenstall in early 2021.
Andy Matley, NatWest's senior relationship manager, said: “With our support, building has now begun on Slingco’s new commercial unit in Rawtenstall ready to house future growth.
"The family-run business has a knowledgeable local workforce that will benefit from an improved working environment and we look forward to seeing the team establish themselves in their new space.”
