£260,000 funding boost for Lakeland
Oct 9 2007 by Iain Laing, The Journal
A TIMBER frame house builder has won a £260,000 funding injection to help realise its ambitious expansion plans.
Lakeland Timber Framed Homes has secured the funding to help it buy a new factory and office complex on the Nelson Industrial Estate in Cramlington.
The company, part of North Tyneside’s Lakeland Group which includes project managers Lakeland IC, has got the money from Evolve Finance, the specialist debt and mezzanine finance division of NEL Fund Managers Ltd.
The investment will enable production of timber frame housing components to be transferred over the next two years from the current site in Earsdon, near Whitley Bay, to a purpose-built 33,000sqft facility to meet increased demand from UK and international customers.
The move, together with news that work is well advanced on the second phase of a multi-storey development of 17 two- and three-bedroom apartments at Lakeland’s Percy Main site, will help secure approximately 20 jobs for various building trades.
The Lakeland Group was established in 2004 by chairman Bill Liddle and projects director Des Hedley, who have built it into a business with a £7m annual turnover.
Mr Liddle said: “We are very excited about the new facility at Cramlington and Evolve Finance is a key funding partner on this project. Evolve has a complete understanding of the relevant issues facing Lakeland and our longer term objectives.
Lakeland has worked on projects including the initial development of Alnwick House at Percy Main, which saw 21 apartments completed in 2006, and the 16-strong apartment scheme at Richmond Court, Blyth.
Outside the North-East, Lakeland has secured work with Interserve Defence Ltd for the Ministry of Defence amongst others.
The company has been involved in the design and supply of married quarters’ accommodation for British forces personnel serving on the Falkland Islands. Lakeland currently has a team of employees completing the build for the first phase of construction.
Simon Johnson, senior investment executive at Evolve Finance, said: “Lakeland had an impressive client base, offering great growth potential.
“The Cramlington factory relocation is an exciting project and illustrative of the company’s ambition and potential.
“The management team has a clear vision of where the business is heading and presented a strong case for funding. We look forward to seeing the company achieve its objectives, providing a springboard for more success in the future.”
