North east independent builders’ merchant James Burrell has taken on funding of nearly £1 million in from The Royal Bank of Scotland.
The Gateshead-based merchant will use the £900,000 to fund five new Mercedes trucks to add to its existing fleet of 20 vehicles as well as adding three new sales representatives.
The company aims to increase turnover to more than £40m this financial year, as well as improving margins.
Established in 1877, James Burrell currently turns over more than £35m and employs 150 people at eight depots across the north of England in Newcastle, Blyth, Gateshead, Middlesbrough, Bishop Auckland, Stockton, York and Ossett.
Joint managing director Stephen Richardson said: “After 133 years in business, we have a wealth of experience and expertise in the supply of heavy side building materials. Our strategy is to continue to grow whilst providing the very best services and products available and our ongoing relationship with RBS enables us to turn this strategy into reality. Without the support of RBS we would not have been able to achieve this within such a short time scale.”
Graham Robinson, relationship director, RBS Corporate & Institutional Banking, said: “We are delighted to see such an important local and independent firm realising its potential. It’s no secret that the building sector has gone through a difficult period, so it’s very encouraging to see James Burrell focused on growth despite this and hopefully it also demonstrates our commitment to helping local firms grow and enhance their offering.”