A Yorkshire supplier of packaging machinery is gearing up for growth with the help of a £200,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund.
The funding will allow Advanced Dynamics to increase its stock levels and boost sales to businesses which need to access new machinery within short timescales.
The Bradford-based company supplies automated liquid filling, capping and labelling machines which are used to produce everything from tubs of face cream and bottles of shampoo, to large containers of industrial chemicals.
Advanced Dynamics serves industries including food, pharmaceuticals, chemicals and cosmetics, and provides a seamless aftersales service to help customers keep their production lines running. Established in 2005 by Malcolm Little who had previous experience in the packaging industry, the company now employs 16 staff. It expects to create three new jobs in the year ahead.
Malcolm Little, the Managing Director, said: “Deliveries of new machines can typically take three to four months if they are manufactured to order. However, in some cases, customers need a machine immediately to enable them to speed up production or take on a new contract. This funding will allow us to keep additional stock of popular models and make sales that we would not otherwise have had.”
Jonathan Craig of Mercia added: “Advanced Dynamics is an established and well-run business that has embarked on a growth programme. In particular it has identified opportunities to boost sales by increasing stock levels. The funding will provide the working capital it needs to do this.”
Mark Wilcockson, Senior Manager at the British Business Bank said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities. We are pleased that NPIF is continuing to unlock the North’s growth potential by supporting small growing businesses with vital investment.”
Alex Baskeyfeld of Mazars LLP provided fundraising advice to the company.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
Enterprise Ventures Limited is authorised and regulated by the Financial Conduct Authority (FRN: 183363). EV Business Loans Limited is authorised and regulated by the Financial Conduct Authority (FRN: 443560).