Engineering firm secures funding to support new contract wins – Finance-Base
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November 26, 2021
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Manufacturing

Engineering firm secures funding to support new contract wins

A Lincolnshire-based engineering business is celebrating having secured contracts with both UK and International clients.

Family-owned Tong Engineering Ltd has agreed new funding to develop its premises which will support the delivery of these new contracts.

Tong Engineering, which was established in 1930, is really a fourth generation family business which specialises in the manufacture of vegetable handling and grading machines.

Tong’s beginnings were of a more modest scale when it began trading being an ironmonger in Spilsby, Lincolnshire. Over the past 90 years, the business has continued to evolve along with other members of the Tong family joining the company.

Today the company exports equipment to more than 50 countries worldwide.

Commenting around the contract wins, Managing Director Edward Tong said: “We are delighted to have secured these contracts. Like a supplier to the food industry, we've continued to perform well as a business throughout the pandemic despite the challenges. These latest contract wins will result in the company exceeding their budgets with this financial year.”

Funding was provided by Barclays.

Relationship Director Alastair West said: “We're pleased to be supporting Tong Engineering using the finance they require to fulfil these contracts and to welcome them to Barclays. The company comes with an interesting history which has continued to evolve over the years, responding to changing market needs.”

Keith Ross, Head of Mid Corporate for Barclays within the Midlands, said: “We are absolutely delighted that Tong Engineering have selected Barclays as their financial partner. As the business is steeped in history, it is also very progressive and we are delighted to be able to support them with their future growth aspirations.”

The business employs around 170 staff and it has an annual turnover exceeding £18 million.

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