SME briefs: Funding deals support growth plans
Intelligent Environmental Services (iES) has secured a £500,000 invoice finance facility from Advantedge as it looks to build on its recent merger with Manchester-headquartered Winsulate.
The Bolton-based environmental consultancy now plans to double headcount to 50 people in the next year.
iES has seen a surge in demand for its COVID-19 contamination services, as businesses look to minimise the impact of the global pandemic.
Danny Jones, managing director at iES, said: “Securing this funding is a significant step in supporting the business, both in the immediate term and when looking to expand in the future.
“Following our merger with Winsulate, we are now in a great position to provide a truly tailored service across the hazardous materials market, and can add real value to clients.”
Darren Cottenden, director at Advantedge, added: “I’m extremely pleased to be able to complete this transaction and support iES as the business looks to expand and create local jobs in a difficult time for British business.”
Car engine recycling business Automet has revved up its financial position after securing a £600,000 CBILS loan.
The Trafford Park company will support the purchase of large volumes of car engines to ensure it is in pole position to grow once Covid-19 restrictions are lifted.
The business employs 17 people and had to furlough some staff when activity declined at the start of lockdown. However it is now more positive about its future.
Luke Rowbotham, relationship director at Santander UK, which supplied the funding, said: “While the impact of Covid-19 has had a detrimental impact on businesses across the UK, this funding package will ensure that Automet is prepared to quickly resume business as restrictions are eased – and we are delighted to support them.”