Peterborough merchant expands
Published: 10 February, 2012
PETERBOROUGH: Contract Equipment, based in Woodston, has purchased new, larger premises using a £92 000 loan from Lloyds TSB Commercial.
The merchant opened in 2004 operating from rented premises. The move provides more space for a plumbing and heating trade counter and bathroom showroom.
The loan has enabled the independent company, which currently employs four people, to purchase the new building which means taking on another member of staff. It plans further expansion by setting up an online trading business selling tools, fixings and hardware in the coming year.
Melvyn Dangerfield, managing director, Contract Equipment, said: "It has been an exciting year for us as we scaled up the business and made the move into our own premises. We had evolved and grown to the point where we needed a larger space to expand our offering, and the step reflects the business's plans for further growth."
"Lloyds TSB Commercial has supported us from the outset in 2004 and we would not have been able to make this jump without the funds and guidance, throughout the move, that the bank provided."
Tim Knighton, relationship manager at Lloyds TSB Commercial, said: "We have a long-standing relationship with Melvyn at Contract Equipment, which has secured steady growth since he set it up eight years ago. Diversifying your offering is a great way to continue to build a business and I look forward to seeing the company continue to prosper because of this."