Stockport based air conditioning and refrigeration contractor, Cheshire Refrigeration, has secured a £1.6 million funding package after achieving 30% year on year turnover growth.
Cheshire Refrigeration, part of Airflow Cooling Ltd, has used the financing to purchase three new sites – two units in Stockport near its current base at Broadstone Mill, and a former pub in Sheffield, to be converted into an office and warehouse space.
With an additional 12,500 sq ft, the Stockport refrigeration contractor will be able to grow its client base, which already includes a number of leading UK brands and blue-chip companies, as well as NHS and university sites across Greater Manchester and South Yorkshire. Cheshire Refrigeration has been able to operate throughout the Covid-19 lockdown providing essential maintenance and repairs.
Managing Director Dan Piercey runs the business with Mark Denton (MD of the Cheshire Division) alongside a team of 50 staff and the firm has continued to hire throughout lockdown. Further recruitment is underway as the Stockport contract looks to employ experienced engineers to support the business’s growth trajectory, now also incorporating mechanical heating and plumbing services. Dan said:
The business has grown rapidly since I founded it nine years ago and last year we hit £6.5 million turnover, an increase from £4.9 million the year before. In order to continue this expansion, we needed to purchase additional space that would allow us to recruit and offer our customers the expert service we pride ourselves on.
“We feel very fortunate that throughout the current pandemic we have been able to support the NHS and the Greater Manchester Combined Authority (GMCA) with a number of critical projects, while continuing to expand the business and actively recruit. We look forward to establishing ourselves in our new premises in the coming months.”
The £1.6 million funding package was provided by Natwest, Lombard Asset Finance and Royal Bank of Scotland Invoice Finance. William Islip, NatWest Relationship Director, said:
The company has achieved sustained growth over the past three years and the purchase of three additional sites reflects its ambitious growth objectives. These buildings mark a significant milestone in the firm’s expansion, and we will continue to support Dan and the team going forward.”