Auto industry shifts into high gear after £ 250,000 loan
Sign up for free to receive the latest news straight to your inbox
Chorley-based auto repair specialist DA Techs (NW) has received a £ 250,000 NPIF loan to help spur expansion.
The loan is backed by CBILS of NPIF-FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Founded in 2016 by directors Phil Barnard and Jamie Baxter, the company provides high quality repairs and overhauls for alloy wheels, tires and bodywork. The company has doubled its turnover every year to almost £ 1million last year.
Despite the setbacks caused by the COVID-19 pandemic, DA Techs continued with its plans to move to larger premises and invest in new equipment as part of the company’s growth strategy.
He recently received investment support through Access to Finance Lancashire and said the CBILS-backed NPIF-FW Capital Debt Finance loan helped finance his relocation and provided working capital to support expansion plans , including the creation of six jobs in the coming months.
Phil Barnard said: “The vast majority of our work comes from the auto trade, insurance companies and body shops where there is no expertise or equipment to repair and refurbish alloys. professional manner.
“We recently merged with two other brands and now offer other bodywork and tire services. We have great growth potential and have started working with auction houses, automotive supermarkets and fleet management centers.
“However, like many businesses, we have been through a lot of disruption over the past 12 months due to COVID-19 and we needed funding to keep our expansion plans on track.”
He said the support from FW Capital and NPIF was timely: “The support has been crucial for our recovery and we are now in a strong position despite the current lockdown.”
FW Capital Chief Investment Officer Maria Ramsdale said, “DA Technologies is a great company with great growth plans that have just been delayed due to the pandemic.
“It was a great opportunity for us to help a company under difficult business conditions and we are really delighted that our support has enabled the company to continue with its expansion plans, despite the current situation. “
Sue Barnard, British Business Bank, said: “The North is called upon to play a central role in the UK’s economic recovery and access to finance will be vital in the years to come.
“Through investments in companies like DA Techs, we are creating a more innovative and prosperous regional economy for the future, filled with new jobs and opportunities.”
The deal was presented to FW Capital by Caroline Turley of the Lancashire Boost for Business Access to Finance team.
She said: “DA Tech is an exciting company to work with, it was important to bring the right funding to the company. Maria understood exactly what the company wants to achieve and worked easily alongside the team to achieve it.
FW Capital provides loans of £ 100,000 to £ 750,000 to businesses based in the NPIF region, with a focus on the North West, Cumbria and the Tees Valley.
The Northern Powerhouse Investment Fund project is financially supported by the European Union thanks to funding from the European Regional Development Fund (ERDF) under the Growth Program of the European Structural and Investment Funds 2014-2020 and the European Bank investment.