Member Article

Bishop Auckland engineers secure £100,000 for growth

Bishop Auckland based Body Engineering has secured a £100,000 grant towards new machinery as it looks to target the oil and gas market.

The HSBC facilitated grant will be used to invest in a new £300,000 Hankook vertical turning and boring machine that will enable the company to produce larger components and operate in new markets, such as the oil and gas industry.

The grant is part of HSBC’s £25m share of the Regional Growth Fund, used to support businesses that want to expand.

Paul Body, director of Body Engineering, said: “We have excellent communication with our bank and accountants and once we told them about our plans, they were able to work together to provide a case for us to gain access to grant money available.

“Just like any business we are looking to save money where we can and being able to save £100k has certainly made a significant difference to us. The new machine will give our business a real boost.”

Accountancy firm Clive Owen & Co LLP advised on the deal, and partner Neville Baldry said he was pleased Body Engineering could benefit from the business.

Peter Harvey, from HSBC, said: “The bank is delighted to be able to help Body Engineering in this way. We were awarded money via RGF and this is exactly the type of project that we are interested in supporting. Growth and development is essential and in particular in manufacturing.”

This was posted in Bdaily's Members' News section by Tom Keighley .