Nottingham-based Romax Technology has secured £1 million funding from the Government’s Enterprise Finance Guarantee (EFG) scheme to drive growth and support its expansion plans.
The successful application, made with the support of Paul Lynam, Senior Commercial Manager at HSBC’s Nottinghamshire Commercial Banking team, provides Romax with additional financing to undertake an extensive recruitment and training programme, ensuring the company has the appropriate technical resources to build on recent success in the hybrid vehicles and wind energy markets.
Renowned for providing innovative technical solutions to the world’s leading automotive, aerospace, marine, rail and wind energy companies, Romax has experienced increasing demand for its consultancy services and software products from the environmental industries sector, in which it supports industry leaders in the design and development of reliable wind energy systems and efficient hybrid vehicles. Over the past six years, demand for ‘green’ industries has flourished, and the company plans to use its EFG loan to further leverage the opportunities this market provides.
Roy Harris, HSBC Regional Commercial Director for the Midlands, which includes Nottinghamshire, explains: “The Government’s EFG scheme offers a helping hand to innovative, forward thinking small and medium sized businesses, giving them financial support to thrive in a difficult economic climate. We are delighted to enable our customer to secure this finance. In addition to helping businesses access money under the EFG scheme, HSBC’s experienced and capable Commercial Banking team in the Midlands is dedicated to supporting SMEs across the region to find the right financial solution to fit their circumstances – allowing them to grow and prosper beyond the recession.”
Paul Lynam, HSBC Senior Commercial Manager, Nottinghamshire, commented: “Romax is a prime example of the sort of business that can benefit from the EFG scheme; the company is experiencing rapid growth, due in part to increased activity in the environmental technologies sector – an area of great interest and importance to both UK and overseas markets. The EFG loan will allow Romax to develop the necessary skills it needs to further develop this area of its business.”
The company has enjoyed strong year-on-year growth of 30 per cent and it intends to continue this expansion. As a technical consultancy the company’s key asset is its workforce. As such, Romax recognises that to meet the huge demand for its services in the environmental sector, investment must be made to increase the workforce and consolidate their expertise. To accommodate the expanding number of employees, Romax is currently exploring options for new offices within Nottingham.
Peter Poon, Managing Director of Romax commented: “Thanks to our talented workforce and innovative solutions, we have enjoyed rapid growth, despite the challenges presented by the current economic climate. Through our continuous investment and with the support of HSBC, we are well positioned to continue this success into 2010 and beyond. Our plans will not only offer existing employees the opportunity to gain qualifications in an area of increasing importance – environmental technologies, but we’ll also be growing our workforce, providing an important boost to the local jobs market.”