Barclays has announced the completion of a £1.5million financing package aimed at supporting Brookvent, a Dunmurry based pioneer in the field of energy saving ventilation systems.
Adrian Doran, Head of Corporate Banking for Barclays Northern Ireland said, “We are delighted to announce Brookvent as the first local company to avail of our recently launched £100mn loan fund to support small and medium sized enterprises (SMEs) in Northern Ireland.
“SMEs are the driving force of our local economy and Brookvent is an excellent example of what Northern Ireland design and manufacture has to offer in a global marketplace.”
Brookvent has been manufacturing and supplying energy saving ventilation systems to residential construction sectors in the UK and Republic of lreland since 1984. Exports account for more than 44% of sales and the company has major contracts in Central and Eastern Europe, Australia and New Zealand. In addition, the U.S market is a major focus for growth in 2016 and beyond.
The company, which employs 60 people, also has an office in Wroclaw in Poland, with a new distribution centre scheduled to open in August 2016.
Declan Gormley, Managing Director, Brookvent, said, “We chose Barclays as a result of their ability to provide a tailored and innovative funding solution capable of meeting our requirements. In a fast growing business it is important to have access to the appropriate banking facilities, and equally important to work with people who understand your needs.
“The combination of the expertise of the local team in Belfast backed up by the support of the bigger Barclays network made the decision to avail of the facilities on offer via their new £100m SME loan fund an easy one.
Christopher Murray, Relationship Director, Barclays, said, “Brookvent has a long history of new product development and a culture of innovation and commitment to excellence.
“This innovative approach is clearly helping it to win business against global competitors and our funding will enable the company to build on the success achieved to date.
“The business is actively growing its export markets and Barclays’ facilities will play an important role in helping them achieve this.”
“Barclays is keen to support SMEs in Northern Ireland and this deal is a great example of the type of high growth business that we are eager to work with. We look forward to assisting Brookvent in their growth strategy in the coming years.”
Barclays, which has been supporting businesses in Northern Ireland for over 20 years, is making up to £100mn available to local businesses with a turnover of less than £25mn.
The £100mn pledge, which was announced last month (19 May 16), follows Barclays’ commitment with a dedicated solution to support fast growing companies - Barclays High Growth & Entrepreneurs, which includes two direct funds for innovative companies. Barclays research reveals the number of start-ups in Northern Ireland was up by 12% in the last year*.