Twenty two jobs have been saved and a further 19 secured at two locations in Greater Manchester after a £230,000 Grant for Business Investment (GBI) was awarded to Dresser Mouldings Ltd by the Northwest Regional Development Agency (NWDA).
Based in Bolton, Dresser Mouldings will use the Grant to acquire the productive assets and workforce of the Rochdale-based Timbmet, which will save 22 jobs. It will generate essential additional turnover for the company, which had recorded a 20% decrease in sales over the past 8 months due to the economic downturn. Acquiring Timbmet will secure Dresser Mouldings’ future, along with 19 full time posts.
Formed in 1987, Dresser Mouldings manufacture bespoke timber and wood mouldings, including fine wood carvings, timber columns and handrails, while Timbmet are a multinational timber provider and one of Dressers Mouldings’ suppliers.
By acquiring Timbmet’s Rochdale operation, Dresser will continue to operate both businesses. Timbmet had already closed one of its Rochdale sites with the loss of 30 jobs.
Mark Hughes, Executive Director of Economic Development at the Northwest Regional Development Agency (NWDA) said:
“The decision to award Dresser Mouldings with a Grant for Business Investment has secured the future of 41 jobs across Greater Manchester. The NWDA has worked hard with Dresser Mouldings to ensure a speedy decision could be made to ensure operations at Timbmet could continue and for existing sales contracts to be fulfilled.”
Dresser Mouldings was referred to the NWDA by the specialist grants team at Manchester-based accountants and business advisors Beever and Struthers.
John Jones, partner and head of grants at Beever and Struthers, said:
“Our team specialises in seeking and securing funding for small and medium-sized businesses so we were delighted to help prepare the business plan and manage the submission to source the funding from the NWDA that allowed Dresser to achieve its ambitious expansion plans. The key was finding the right grant to meet the client’s needs and to then work closely with the NWDA to provide the necessary information to support the application.”
Simon McDonald, Managing Director, Dresser Mouldings said:
“The Grant enables Dresser Mouldings to continue its expansion to invest and maintain the skills needed in a forever changing manufacturing market.
“By securing this grant at a difficult time of trading, we are able to offer the necessary changes required to maintain a competitive edge in today’s market. Dresser, now have clear opportunities to compete with other suppliers and enables us to offer our business, the full manufacturing solutions by offering a one stop shop solution to its customer base.
“The manufacturing industry seems too ready to lose the skilled operators – without these operators, business opportunities will be lost forever. By securing the grant we have been given the opportunity to retain and grow these skills, along with a clear business incentive to invest also in new technology.”
The NWDA is playing a crucial role in response to the current economic downturn, with a number of actions being taken to meet the needs of businesses during these financially challenging times.
To keep updated on the range of support being offered by the NWDA go to www.nwda.co.uk/supportingbusiness
For more information on business support visit www.businesslink.gov.uk/northwest
For more information on Finance for Business please visit www.nwdabusinessfinance.co.uk
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