A VEHICLE parts supplier has secured a £5m loan to support its continued growth that it forecasts will see it recruit 100 people in the next five years.
Universal Components has seen turnover grow from £21m to £29m in three years and is targetting £50m in the next five years. It currently employs 135 people and wants to increase this by 75% by 2021.
Its growth will be supported by a new 165,000 sq ft warehouse in Barnsley, including a training facility, which is scheduled to be completed in the summer.
David Kernahan, chief executive of Universal Components, said: “Our philosophy has always been the customer is king and we ensure everything we do is geared to meet and surpass our buyers’ needs. Our new training facility will ensure we can continue delivering that philosophy while the company continues to grow.”
The £5m loan from Yorkshire Bank will be used to buy equipment for its new premises, while refinancing its bank facilities has enabled it to increase its stock list from 16,000 line items to more than 25,000.
Universal Components buys and sells trucks and trailer parts for commercial vehicles through a network of 350 commercial distributors, and it exports to more than 30 countries.
The latest deal was delivered by Yorkshire Bank specialist and acquisition finance senior director in Leeds, Steve Roe.
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