RediRack lands Finance Yorkshire funding after RGF grant

Posted on 22 May 2013

Rotherham-based storage solutions manufacturer RediRack has received significant investment from Finance Yorkshire, a provider of investment funding for SMEs.

The funding, believed to be tens of thousands of pounds, will enable RediRack to begin building a new innovation centre that will house several test and research facilities needed to develop the company RediGroup’s range of automated materials storage and handling solutions.

Finance Yorkshire provide a range of debt and equity-based investments, ranging from £15,000 to £2m, specifically to help small and medium sized businesses achieve growth.

The capital injection also means that RediRack will be able to hire more people with new jobs expected to be created in both research & development, and production.

The funding is the second major capital boost RediGroup has received this year, following the award of a grant for more than £1 million from the Regional Growth Fund.

Andrew Forsythe, RediGroup’s CEO, said: “I’m thrilled to receive this investment from Finance Yorkshire. The funding will allow us to fast track some of the innovative products we are working on and will keep RediRack at the top of the handling and storage industry.”

Ian Howson, Finance Yorkshire Investment Manager, commented: “RediRack is an innovative and fast growing company with exciting plans for future development. It is looking to grow its facility in South Yorkshire, which will increase employment opportunities in the area and become a centre of excellence for the creation of exciting new products.”

He added “All these initiatives make it an ideal company for a Business Loan from Finance Yorkshire and we are pleased to be working with RediRack to help the company deliver its plans successfully.”

In April, RediRack restructured its management team to prepare for expansion and its Rotherham factory is undergoing refurbishment.