Gargrave business spreads its American roots
A GARGRAVE nursery business is hoping to branch out into the US shrub and tree market after securing a £100,000 loan from Partnership Investment Finance (PIF).
Proptek, which designs and produces hi-tech plant trays for the US plant propagation market, will use the funding to develop new designs for the shrub and tree nursey industry.
The new trays are designed to “air prune” the root system, which gets rid of circling roots and creates a large quantity of young vigorous roots ready to establish quickly when potted on.
The tray is also injection molded for long life and can be recycled at the end of its life.
Although the business operates from Gargrave, the trays are manufactured in the US under license by a subcontracted company.
John Cooley, Proptek’s owner, said: “The US shrub and tree nursery market is important to our future growth and the capital will enable us to develop our new product line and market our products effectively.
“Partnership Investment Finance seem to be more business orientated than the banks, arranging our loan quickly and efficiently. This meant there was no delay in getting our programme up and running.”
Johnathan Craig, lending manager at PIF, said: “Proptek have achieved a great deal in the North American market but needed that extra little bit of help to open up new markets.
“We’ve worked closely with their financial advisers Pearson and Associates to give them the support to help them reach their objectives.”
PIF is an investment fund aimed at supporting growing businesses in Yorkshire and the Humber.
It aims to encourage enterprise and economic regeneration by providing equity investments and loans to eligible businesses in the region’s Objective 2 areas.
