Nottinghamshire business Van Elle Ltd details plans for growth after tying up £10.5m package

July 20, 2015 2:14 pm

A £72m-turnover ground engineering business in Nottinghamshire has revealed plans to create 200 jobs in the next two years after striking a major land deal with the support of a multimillion-pound package from Lloyds Bank.

Van Elle Ltd is understood to be one of the largest specialist ground engineering businesses in the UK and has customers in the house building, energy, retail, industrial and rail sectors.

Lloyds Bank Commercial Banking provided the Pinxton business with a £3m overdraft facility to purchase 11 acres of land next to its site in Kirkby-in-Ashfield. The expansion will allow Van Elle to make more of its patented pre-case concrete products it uses for its foundation service, as well as the space to launch a new head office.

The new site is expected to be operational by the end of this year and will create 200 jobs as it reaches full capacity by 2017.

The bank also provided £1.5m for the business to buy the sites it occupies in Pinxton and Dereham, Norfolk.

On the back of the deal, Van Elle has also outlined plans to boost its turnover to £100m over the next two years.

Paul Pearson, finance director at Van Elle, said: “The support of Lloyds Bank has played a fundamental role in enabling us to activate our investment plans, and we are looking forward to expanding our manufacturing capabilities and welcoming new staff to the business over the next two years.”

A hire purchase facility of £6m is also being made available to support Van Elle’s expansion into the rail sector. It has purchased six Road Rail Vehicles as part of the investment and will purchase six more during 2015/16.

Pearson added: “We saw an opportunity to develop our business over the long-term by branching out into the rail sector, and the addition of these specialist vehicles has increased the variety of work that we can provide.”

Phil Simpson, regional director at Lloyds Bank Commercial Finance, said: “The heavy regulation of the rail industry provides opportunities for businesses like Van Elle to provide high quality engineering solutions, and the arrival of these new vehicles will enable the business to take on more and bigger contracts across the UK.”

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