Funding package set to boost Ripon firm’s expansion
Ripon Farm Services, which supplies agriculture machinery and equipment to the North of England and Yorkshire, is set for growth with support from a £5m funding package from HSBC.
The Ripon-based business, established in 1982, is using the funding to redevelop its main site on Dallamires Lane by adding two new buildings. These will allow the company to increase its services to the public, including its paint and body shop which uses state of the art equipment to analyse and repair vehicles. The buildings also provide additional space for its agricultural parts and sales.
The funding package includes £3.5m which will go towards the new premises and £1.5m for working capital. Currently employing 184 people with a turnover of around £55m, the new site will create 15 new jobs in the area and Ripon Farm Services expects to increase its turnover by 5% over the next year.
Nick Riley, Finance Director at Ripon Farm Services, said: “We’re delighted to be receiving financial backing from HSBC which will take our company to the next level. The new buildings will allow us to increase the services we provide and has allowed us to put our growth plans into action. We look forward to the site’s completion in order to continue to provide an exceptional service to our customers.”
Jonathan Rutter, HSBC relationship rirector in North Yorkshire and Humber, said: “Ripon Farm Services is a great example of the type of dynamic business we are delighted to support through our dedicated SME lending fund. The team are passionate about what they do and are devoted to ensuring they provide the best service to their customers. This deal not only supports the redevelopment at its main site in Ripon but will also help the business continue to grow in both Yorkshire and the North East.”
