40 new jobs as Worksop manufacturer lands £2m funding deals
Worksop-based garden buildings manufacturer, BillyOh, has raised £2m from EU grant funding and £1.5m provided by Lloyds Bank, to meet demand for its garden log cabins.
The asset-finance provided from Lloyds Bank, along with the EU grant, will enable the business to purchase several pieces of machinery, costing up to £500,000 each, and create 40 new jobs in Worksop.
With the funding, BillyOh expects to quadruple its output of log cabins.
The £400,000 EU grant – the largest of its funding round – was granted in November last year with the aim of supporting the regeneration of Worksop.
Christopher Palmer-Smith, chief operating officer at BillyOh, said: “The challenge for us is ensuring that we capitalise upon the smaller window of opportunity presented by seasonal-demand, by having the assets available to increase production.
“The funding we’ve used alongside our own investment will see us through a five-year plan we’ve set out to help boost long-term growth of the business.”
Phil Simpson, relationship manager at Lloyds Bank, said: “BillyOh has a strong vision of its direction for growth and has established itself firmly in the market.
“Supporting BillyOh’s growth ambitions, and the opportunities it creates for the Worksop community, is part of our commitment to helping Britain prosper.”