iES (Intelligent Environmental Services) has secured a £500,000 invoice finance facility from Advantedge as it seeks to build on its recent merger with Manchester-based, Winsulate.
Bolton-headquartered environmental consultancy iES plans to double its headcount to 50 people in the coming year, due to a surge in demand for its coronavirus contamination services, as businesses try to minimise the impact of the global pandemic.
Danny Jones, managing director at iES, said: “Securing this funding is a significant step in supporting the business, both in the immediate term and when looking to expand in the future. Following our merger with Winsulate, we are now in a great position to provide a truly tailored service across the hazardous materials market, and can add real value to clients.”
Darren Cottenden, director at Advantedge, added: “I’m extremely pleased to be able to complete this transaction and support iES as the business looks to expand and create local jobs in a difficult time for British business.”
Car engine recycling business, Automet is another firm that has stepped up a gear in its financial position after obtaining a £600,000 CBILS loan.
The Trafford Park outfit will have the purchasing power to acquire large volumes of car engines to make sure its growth is in pole position once restrictions are lifted.
Automet employs 17 staff but had to furlough some of them when business activity declined at the beginning of lockdown. Now however, it is more positive about its future.
Luke Rowbotham, relationship director at Santander UK, which supplied the funding, said: “While the impact of Covid-19 has had a detrimental impact on businesses across the UK, this funding package will ensure that Automet is prepared to quickly resume business as restrictions are eased – and we are delighted to support them.”