Safety boot firm on the march
A SMALL work wear business os branching out to a second site after accessing the new National Loan Guarantee Scheme.
Bolton company J&B Electric Power Tool Co, has bought a second site in Blackburn after taking out a £300,000 commercial mortgage with Barclays under the scheme which was launched by Chancellor George Osborne
last month.
The business, which currently trades from Manchester Road in Bolton and online via www.safetybootsuk.co.uk and www.snickersdirect.co.uk sells safety boots and work wear.
J&B has now bought a site in Kent Street, Blackburn to support its continued growth.
Under the Barclays scheme, SMEs who take out a loan will receive the full benefit of the NLGS discount immediately in the form of an upfront cash back. This will be calculated as 1% discount on their loan price over the first 5 years.
J&B’s managing director John Hea said, “Acquiring the new premises in Blackburn will enable us to meet our growth aspirations whilst maintaining the highest level of service for our customers.
“Work has already commenced and we’re hoping to be open to customers in May. The 1% discount through the Barclays cash back scheme equates to £12,942 and is going to assist with the cost of racking at the new premises.”
Phil Johnson, senior Barclays business manager in Manchester said: “The new site is ideally located and will provide the business with the extra capacity to continue its strong growth story.
“By giving our customers the full benefit of the NLGS on day one, they receive a lump sum of cash which they can put to use immediately to grow their business.
“We think this is more useful than drip feeding the value over the lifetime of a loan. SMEs are the lifeblood of our economy and we’re delighted to be part of a scheme that means we can offer this new initiative to our customers.”
