They’ve done it...
Cash boost connects business with success
Wednesday 7th May
I wouldn't have been able to buy the machines without No Limits and I think it's brilliant that this sort of help is available to small businesses
A Lancashire businessman hopes to fuel the growth of his firm, Lomax Offshore Coupling, thanks to help from No Limits Business Investment Deals (BID).
New machines mean that Justin Birtwistle can now manufacture the connectors - known as offshore couplings - that are used to link underwater oil rig pipes, and supply direct to his customers.
Justin received financial support from the No Limits BID initiative which offers support to help start and grow businesses, including advice on loans, sourcing capital and tackling any finance problems.
The investment covered one third of the cost of the high tech equipment, which has now been installed at the Lomax factory in Wellington Street, Clayton le Moors.
Justin explained: "I'm an engineer and launched my business after buying the design rights to the Lomax offshore coupling six years ago, but until now I have always had to sub contract out the manufacture of the product.
"I felt I would attract more customers if I could manufacture the couplings myself, so I contacted Hyndburn Council and they helped me to put together a business plan to apply for No Limits investment.
"I wouldn't have been able to buy the machines without No Limits and I think it's brilliant that this sort of help is available to small businesses."
The investment in Lomax has already led to the creation of one new job as Justin has taken on his first member of staff.
Lomax's turnover doubled from £60,000 to £130,000 in the first six years, but Justin has now set an ambitious target to double that again to £250,000 by the end of 2009.
He added: "I'm a very small fish in a big pond at the moment, but now I have bought these machines I hope to move forward.
"Over the next five to ten years, I see myself increasing the business turnover, buying more machines and taking on more employees. It's a big step for me and I'm very excited."
LCDL's Ishwer Tailor, of No Limits BID, said: "Lomax is exactly the sort of business No Limits wants to help - small, ambitious and with lots of potential for growth.
"These companies are key to the future success of the Pennine Lancashire economy and we are committed to continuing to support new and growing businesses in our quest to regenerate the local area."
