Surrey-based manufacturer Redline CNC has strengthened its customer base following an injection of funds from Clydesdale Bank.
Salfords-based Redline CNC specialises in machining precision engineering components for Formula 1 racing, as well as a number of other sectors including medical and aeronautical.
The new purpose built engineering centre at Fairlawn Business Centre in Redhill is situated just one mile from the company's previous factory. The opening of the new premises also marked the company's tenth anniversary.
David Gorsuch, Director at Redline CNC, said: "We knew that we needed to expand as the floor space and electricity supply of our existing factory could no longer cope with our demands. We had a deposit of £90,000 for the new premises, but had to move quickly in order to secure the deal and find the balance of some £600,000.
"Clydesdale Bank was instrumental in saving the plan from disaster - not only did the staff at the Crawley Financial Solutions Centre help us financially, but they listened to our business plans, acted quickly and were prepared to be flexible on repayment terms and interest rates."
Clydesdale Bank also arranged a short-term VAT loan for more than £100,000 to assist with the company's cash flow.
Clydesdale Bank's Andrew McGeorge said: "I am delighted that we were able to help Redline to move forward in such a positive way. We have now taken over all of the company's banking requirements and will continue to assist and advise on its growth."
To find out more about how Clydesdale Bank's Crawley FSC, located in
London Road, can help your business, visit www.cbonline.co.uk or call 01293 558700.
For more information on Redline CNC visit www.redline-cnc.co.uk or call 01293 820090.
For Further Information:
Tel: 0845 60 35 44 77 or 07767 788 765
Tel: 01892 513033
Tel: 01892 513033
Tel: 01293 820090
NOTES TO EDITORS:
Clydesdale Bank is part of the National Australia Group. Clydesdale Bank was established in 1838 in Glasgow and has a proud history of innovation and support for Scottish industry and communities. With over 150 retail branches and a network of Financial Solutions Centres, Clydesdale is one of Scotland's largest banks. The Bank is currently expanding its operations into the South of England with its innovative Financial Solutions Centres, offering customers a highly integrated business and private banking service.
Financial Solutions Centres:
Clydesdale Bank Financial Solutions Centres (FSC) offer Members a tailored range of business and private banking services under one roof. A team of specialist partners, each with considerable local experience, work together to provide Members with end to end solutions for their business and private banking needs. In addition to banking services, the FSCs also operate as a hub for local business, with a range of networking opportunities and meeting facilities available as a benefit of membership.
Over 70 FSCs are located around the UK and in 2006 represented over half of the National Australia Bank Group's UK income.
1. Redline CNC manufacture precision machined components produced on CNC (Computer Numerically Controlled) machining centres and lathes. The company is BSI Approved to EN ISO 9001:2000. Registration no FM 86152
2. For more information about Redline CNC visit www.redline-cnc.co.uk
3. Redline produce approximately 200,000 components every year in low volume production.