A Peterborough company has just completed a £3 million plus expansion.
Barnack Estates UK, of Southgate Way, Orton Southgate, has bought additional premises in Werrington with a £3.29 million funding deal agreed with the Yorkshire Bank.
The new accommodation is a 49,000sq ft warehouse providing 5,000 new pallet spaces for storage.
Owner and chairman Rob Facer said: “We’ve had to continually build more storage space for our products as the business has grown.
“The support we have received from Yorkshire Bank to fund the premises has been very flexible.
“Our business is quite diverse and having a personal relationship manager who takes the time to really understand what you do is important.”
Barnack Estates is made up of three separate businesses - Barnack Confectionery, Barnack Storage & Logistics and Barnack Estates UK (Construction).
It diversified from its original confectionery offering as the company grew to a point it needed additional warehousing facilities. After building the first 50,000 sq/ft space, Mr Facer realised there was an opportunity for diversification into the construction and logistics sides of the business.
Simon Moore, head of the bank’s Customer Banking Centre in Peterborough, which provided 100 per cent of the purchase cost for the warehouse, said: “Barnack Estates UK has experienced continued growth over the last 30 years and has demonstrated a genuine entrepreneurial track record, identifying lucrative opportunities and capitalising on them.”
“We are proud to have supported the purchase of the new premises and will continue to work with the business as they continue to grow.
“Yorkshire Bank remains focused on supporting the growth ambitions of businesses in the Midlands and East of England.
The storage and logistics arm of Barnack Estates provides warehousing, pick, pack and dispatch as well as transport services.
The construction part of the business builds industrial warehouses and has developed more than 1.4 million sq ft of warehousing in and around Peterborough.
The group employs 70 staff directly and a further 50 through sub-contracting.
Barnack Estates has banked with Yorkshire Bank for 12 years and the new deal is one of a number of funding packages in recent years.
Last September, the bank assisted with funding for a 50,000 sq ft expansion for the firm’s head office in Orton.