The Chrysalis Fund has committed £3.5 million to enable the redevelopment and expansion of a production facility for an Italian cable manufacturer in Knowsley, helping to create more than 100 jobs in the process.
Tratos UK already operates from Knowsley, supplying mainly low voltage cables to the power distribution industry. Its intention is to expand into medium voltage cables as well as cables for the off-shore wind industry and for the UK’s expanding railway network.
The Chrysalis loan of up to £3.5 million will help the company to acquire an additional adjacent site for its expansion. The funding will also support the redevelopment and expansion of the production facilities on site. Overall, the project will deliver over 100,000 sq ft of new and refurbished manufacturing capacity.
In addition to the Chrysalis funded redevelopment of the site at Randles Road, Knowsley Business Park, Tratos will make a major investment in state of the art production equipment. The project is subject to a Regional Growth Fund application and is regarded as a priority project by the Liverpool City Region Local Enterprise Partnership (LEP).
Robert Hough, chairman of the Liverpool City Region LEP said: “Advanced Manufacturing is one of Liverpool City Region’s success stories. It represents an important opportunity for expansion and new growth that can be supported by the Chrysalis Fund. The Tratos UK development is a strong endorsement of our growth plans based on high value manufacturing in the Knowledge Economy.”
Jim Gill, chair of the Chrysalis Fund, said: “This investment in the expansion of Tratos’ production facilities in Knowsley represents an important boost to the manufacturing sector in the City Region, creating jobs and building the supply chain for key sector development in the region. It is great to see a Knowsley firm with such ambitious expansion plans and we’re delighted to facilitate this next step in the company’s growth.
“At Chrysalis we want to support industrial and commercial growth across all parts of the City Region. The Tratos investment comes hot on the heels of our recent £4.8m deal to enable the redevelopment of Watson House in Liverpool city centre. We have a number of additional deals in the pipeline which we hope to be in a position to announce before the end of the year.”
Kevin Martin, finance director at Tratos said: “Tratos is delighted to have arranged this loan with the Chrysalis Fund, which shows the commitment of Tratos to Knowsley and Merseyside. The redevelopment and expansion of our existing facility not only protects existing jobs, but will assist in regenerating the area and creating more job opportunities.”
The Chrysalis Fund was launched in March 2012 to support commercial regeneration activities in the Liverpool City Region. The fund focuses on schemes that demonstrate economic growth and job creation.
The initiative is backed by the European Investment Bank, the Homes and Communities Agency (HCA) and European Regional Development Fund under the JESSICA (Joint European Support for Sustainable Investment in City Areas) programme. The fund is managed by the Igloo Consortium, which is made up of Igloo Regeneration Limited, GVA and RBC Capital Markets and operates in partnership with the Liverpool City Region LEP and the local authorities.