A historic Sheffield engineering firm has received a further £400,000 loan from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF), to help it keep up with record demand.
Tinsley Bridge is a major supplier of suspension parts to the European truck industry. Its suspension business is up by 40 per cent on pre-pandemic levels due to increased demand from vehicle manufacturers, while its blades division, Tyzack Machine Knives, is also seeing a surge in demand for its products from the steel and scrap industry. The group has managed to maintain consistent production despite widespread disruption to supply chains.
Tinsley Bridge is one of Sheffield’s largest manufacturers, employing around 200 people and with origins dating back almost 200 years. The latest funding follows on from a £300,000 loan made by NPIF – Mercia Debt Finance in 2019 to support its long-term growth strategy.
Mark Webber, Managing Director at Tinsley Bridge Group, said: “The Tinsley Bridge Group is experiencing record demand in several of our key markets and has achieved unprecedented growth. This is despite experiencing supply chain disruption due to global shortages of computer chips and other materials, freight delays, Brexit and continued customs problems. The latest funding will help us meet the surge in demand and maximise the growth opportunities in 2022.”
Andy Tyas of Mercia, said: “Tinsley Bridge provides a shining example of how resilient Sheffield’s manufacturing sector has proven itself to be during these difficult times. It is fantastic to see a historic business leverage its expertise and use continuous innovation to adapt to the changing market. The strength of the order book reflects the scale of opportunity that lies ahead.”
Sean Hutchinson at British Business Bank, said: “In a challenging environment, it’s good to see organisations like Tinsley Bridge benefitting from investment – not just to survive, but to thrive. Tinsley Bridge’s growth journey so far combines a rich heritage and world class innovation, and we look forward to seeing the company’s evolution in the future.”
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.