Expansion Plans for Miller UK Limited
Posted on the 14 December 2018
Cramlington based business Miller UK Limited has successfully negotiated new banking facilities to support expansion plans with new bankers Barclays.
Established in 1978 Miller UK Limited is based at Bassington Lane, Cramlington. The business specialises in the manufacture of buckets, quick couplers and other attachments for earth moving and ground breaking equipment. Celebrating 40 years in business this year, the business is a globally renowned company with a joint venture casting facility in China. The new funding from the Barclays Northern Powerhouse Fund will support their expansion plans to take on new contracts and expand product development.
The £500m Northern Powerhouse Growth Fund was established to inject investment into businesses across the north of England and is intended for SMEs across the Northern Powerhouse region, including: established businesses with ambitious growth plans, start-ups with high growth potential, companies with early-stage equity funding and businesses focusing on innovation, R&D and technology.
Keith Miller, Chairman, Miller UK Limited said: “This new funding will enable us to compete for further new contracts and also help us to develop new products lines for our customers both in the UK and overseas. We only recently transferred our banking to Barclays so it’s great that they have been proactive to not only support our expansion plans with their Northern Powerhouse Fund but to also provide tailored funding solutions for our continued growth plans.”
Miller UK Limited employs over 150 people locally and turnover for the current year is expected to exceed £24million.
Martin Brown, Barclays Relationship Director put together the funding package for the deal and said: “Miller UK has shown 40 years of innovation whilst being a key part of our local economy supporting a worldwide customer base. The new funding from our Northern Powerhouse fund will enable the company to increase stock and reach new markets and we’re delighted to be able to support Keith and his team with their growth ambitions.”