Tank and silo manufacturer in Eye expands after funding boost
PUBLISHED: 11:54 10 December 2015 | UPDATED: 11:54 10 December 2015
A leading manufacturer is expanding with the development of a new production line thanks to a multi-million pound funding package.
Suffolk-based Permastore, which makes glass-fused-to-steel tanks and silos, said the dedicated line would bolster orders by expanding its manufacturing process.
The development has been made possible thanks to a funding package from Santander Corporate and Commercial to support its investment and growth programme, which is forecast to increase orders by 30pc in 2016.
The firm, which exports more than 75pc of its products, has to date, supplied in excess of 300,000 structures to 110 countries from its base in Eye.
In order to expand its tank and silo manufacturing facility the company have invested £1.5m in the new epoxy production line.
The investment builds upon its existing, vitreous enamel production line and will see the workforce increase by 60 employees to 290.
Permastore Limited posted a turnover of £25m for the year ending 29 March 2015 slightly down on the previous year end which stood at £25.9m.
Brian Quarendon, chief executive officer of Permastore, said: “Permastore is the largest manufacturing company headquartered in Suffolk and therefore has a key role to play within the region.
“With the additional capacity that this new epoxy production facility will provide, orders are forecast to increase by 30pc on last year’s figures. The support from Santander has been fundamental to our success.”
Richard Hughes, relationship director at Santander Corporate and Commercial, said: “Permastore is one of the UK’s manufacturing and export success stories.
“The management team has a clear vision for growth, with regards to products and new markets, and we are delighted to be able to support the firm invest for the future.”
Established in 1959, Permastore opened its custom-built manufacturing facility in Eye in 1977.
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