Air conditioning specialist seals deal for 16,000 sq ft premises

Derbyshire heat pump and cooling systems distributor Logicool has acquired a 16,000 sq ft property in Swadlincote after securing a six-figure funding package from Lloyds Bank.

At three times the size of its existing premises, the firm’s new site will increase its stock-holding capacity sevenfold, enabling it to mitigate ongoing supply chain issues.

The premises will eventually include additional office space and display rooms to showcase Logicool’s product range.

The company – a specialist distributor of Hitachi, Mitsubishi Electric, Panasonic and ancillary air conditioning products – employs 18 people in the area.

It has recently recruited two new members of staff and is expected to take on two more over the coming months.

Karl Richardson, managing director at Logicool, said: “We’ve enjoyed consistent growth for a number of years now and we recognised that we needed to increase our capacity to meet this demand. When the opportunity to purchase this site came up we knew it fitted the bill perfectly and the support we had from the Lloyds Bank team meant we were able to get the deal over the line quickly.

“We’re only expecting things to get busier now more people are returning to offices and uncertainty remains over supply, so making this investment now will make sure we’re in a good position over the months ahead and beyond.”

Mel Howard, relationship manager at Lloyds Bank, said: “Logicool has gone from strength to strength and it’s a fantastic example of a local business that is thriving at the moment. Their expertise is also helping businesses across the region to transfer to more sustainable heating and cooling systems and improve their own sustainable credentials.”

Howard added: “It’s fantastic to see them expanding with the purchase of the property and we will work with them as they move into the site and look to keep their growth going.”