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January 29, 2023
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Finance

Doncaster engineers to fulfil new contracts with 150k loan

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

The fund is managed by Mercia Fund Managers which is section of the Northern Powerhouse Investment Fund.

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

“Structures are fabricated with our Doncaster workshop therefore we then send a team on the site to run them,” said Mr Bingham.

“However we need access to finance to finance projects for this type additionally, the bigger the jobs, the higher the sum required. The funding package from NPIF C Mercia Debt Finance was just the thing for our needs.”

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

Andy McKenna, an Entry to Finance Advisor with the Sheffield City Region Growth Hub who helped Universal Coatings acquire the funding, said: “Universal Coatings make great strides recently but like many growing businesses needs organisations like Mercia Technologies to provide the administrative centre needed to enable growth.”

Mark Wilcockson, Senior Relationship Manager at British Business Bank, said: “The funding given by NPIF C Mercia Debt Finance will support the ongoing increase of this company mainly because it looks to obtain its staff and secure several new lucrative contracts. High quality to seeing the organization develop in the coming years.”

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