£2m funding deal for Worksop manufacturer

Phil Simpson (left) with Christopher Palmer-Smith

A manufacturer of garden buildings in Worksop , has raised £2m from EU grant funding and £1.5m provided by Lloyds Bank, to meet demand for its garden log cabins.

The asset-finance provided from Lloyds Bank, along with the EU grant, will enable the business, BillyOh, to purchase several pieces of machinery, costing up to £500,000 each, and create 40 new jobs in Worksop.

The £400,000 EU grant – the largest of its funding round – was granted in November last year with the aim of supporting the regeneration of Worksop.

Christopher Palmer-Smith, Chief Operating Officer at BillyOh, said: “The challenge for us is ensuring that we capitalise upon the smaller window of opportunity presented by seasonal-demand, by having the assets available to increase production.

“The funding we’ve used alongside our own investment will see us through a five-year plan we’ve set out to help boost long-term growth of the business.”