Moira-based Clarehill Plastics (CPL) has secured a £750,000 loan from the Growth Loan Fund, creating 16 jobs.
The Fund will be used by CPL to further grow its market share in the UK and Europe, as well as diversifying its product offering through research and development (R&D).
Finance for the £50m Growth Loan Fund, which provides loans to established Northern Ireland SMEs seeking to access growth finance, has been provided by Invest NI and private investor, NI Local Government Officers’ Superannuation Committee.
Clarehill Plastics Ltd was founded in 1981 and has been manufacturing and supplying tanks under the Harlequin brand for over 30 years from its manufacturing base in Moira. It currently employs 76 staff, and has already filled its 16 new positions.
The firm has an extensive and well recognised product range and has, more recently, put in place plans to help grow the business significantly in the next five years.
Laurance Coey, Managing Director, said: “The domestic heating and diesel dispensing markets have provided us with a strong sales base for the past 34 years. For the company to grow, we believe we must improve our distribution network as well as adding new products to our existing range.
“The loan has enabled us to look at opportunities for export and develop products in markets we don’t already have a foothold in. We have recently installed what we believe is the largest rotational moulding machine of its kind in the UK, which will help us create large volume plastic tanks and other new product designs being considered.”
Senior Investment Manager at WhiteRock Capital Partners, David McCurley, commented: “CPL is a prime example of a local company who has significant managerial experience and industry expertise. They have already established themselves as a key player with strong branding and reputation within the domestic and commercial tank markets and, with a strong focus on R&D and their dedication to continually updating their product range, they are the kind of company the Growth Loan Fund is proud to support.
“This investment will further strengthen the scale and range of CPL’s product portfolio and market presence, and underpin their continued penetration into other markets.”