£550k Funding Package Boosts Merseyside Family Business
18th March 2008
A Merseyside manufacturing business is looking to boost its sales abroad with a £550k investment package including a loan from Merseyside Special Investment Fund (MSIF).
GTB Components Limited, based in St Helens, manufactures metal parts for use in the automotive, aerospace and building industries. GTB produces around 105 million parts per year which it supplies to 20 locations throughout the UK, EU and Turkey.
The company also uses its own patented process to manufacture a range of specialist components used to make central heating radiators, and is one of the UK’s market leaders for these products.
GTB Components has raised a funding package totaling £558k which includes £150k loan from MSIF’s Small Firms Fund and the directors’ own investment.
Managing Director Terry Corcoran set up GTB Components in 1981 and he now runs the company with his son, James Corcoran. The company employs 53 staff.
Terry Corcoran said: “This is a big investment for us and will enable us to further strengthen our position as the market leader in the manufacture and supply of a range of sintered components.”
“Currently around 60% of our business is abroad and this is an area we are particularly looking to grow. The funding will enable us to penetrate new markets in Europe and also grow our sales in Turkey.
“In addition to funding, MSIF have also provided business support and we are currently using one of their mentor’s, who is helping us drive the business forward.”
Alan Birkett, investment manager of MSIF’s Small Firms Fund said: “Family businesses such as GTB Components are the core of the Merseyside business community and we are really pleased to be supporting this business.”
Turnover this year is expected to reach £4.2m.
Ends
Photo shows L-R – Terry Corcoran (GTB) Alan Birkett (MSIF) James Corcoran (GTB)
msif funds
liverpool seed fund
The Liverpool Seed Fund provides equity-based investments from £50,000 - £750,000 to early stage businesses with IP