A Bradford company that specialises in aluminium doors and security access systems has secured a £250,000 loan from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II), to boost its growth.
The funding will enable Crucial Engineering to take on bigger projects, and follows its expansion into larger premises last year and a spate of new high-tier contract wins. Crucial provides facades, shutters, barriers, gates and turnstiles for commercial properties such as factories, fast food restaurants, car dealerships and educational buildings.
The company was founded in 2016 by Paul Van Heeswyk, a qualified electrician who was then aged 28, with the aim of bringing a new dynamic to the security access industry. It later expanded into aluminium doors and windows. Crucial now employs over 30 staff and serves major clients including builders’ merchants Travis Perkins, dealership chains Arnold Clark and Vertu Motors, student accommodation specialist Unite Students, and global property management company CBRE.
In addition to standard products, it has developed some innovations of its own, including a solar-powered vehicle access barrier, and an aluminium ‘vault door’ with a built-in lock that helps prevent break-ins and vandalism and is ideal for shared housing and student properties.
Last year the company moved into a new 35,000 sq ft unit in Bradford, which is five times larger than its original premises in Leeds, and it has since invested heavily in new equipment and fit-out. The NPIF II funding will provide additional working capital and enable it to create three new jobs in the coming weeks.
Paul Van Heeswyk, Managing Director, said: “At Crucial Engineering, we aim to bring a modern approach to traditional industries. We use new technology and develop innovative products. We also work hard to create a positive workplace culture and use apprenticeship schemes to attract new people into the industry.
“Our investment in the new unit has proved worthwhile as it highlights our capabilities to larger clients and has helped us secure a range of new contracts. The funding will enable us to press on with our growth plans, with the ultimate aim of expanding outside the region and building a network of depots nationwide.”
David Wright of Mercia Debt added: “Paul is an ambitious and dynamic entrepreneur who is focused on growth and has a clear vision for the future of the business. We are pleased to be able to support him on the next step of the journey.”
Lizzy Upton, senior manager at the British Business Bank, said: “The Northern Powerhouse Investment Fund II was created to support innovative businesses in Yorkshire and the Humber. Crucial Engineering is one such business that is using the Fund to not only invest in sustainable initiatives like its solar-powered vehicle access barrier, but also to boost the regional economy and create jobs in the area. ”
James Gwynne of Commercial Expert provided fundraising advice to the company.
The £660m Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.