Michelin Development supports Patera Engineering’s growth ambition
A North Staffordshire engineering company has forged sustainable business growth, thanks to a long-term relationship with Michelin Development.
Patera Engineering has received its third low-cost loan from Michelin Development, enabling the company to power ahead with the expansion and fit out of its manufacturing site in Fenton.
The family-run business, founded by Chris Lees in 1988 and currently led by his son Shaun, operates in the construction, structural and custodial sectors.
Since joining forces with Michelin Development eight years ago, Patera Engineering has seen its turnover grow five-fold, and 40 new, skilled roles created.
The latest loan has helped Patera Engineering modernise and improve the layout of its workshop and offices to house an expanding team and deliver the top specification projects that the business is becoming increasingly recognised for nationally and internationally.
Previous support from Michelin Development has helped the business to move into larger premises, invest in high technology equipment and develop advanced Building Information Modelling (BIM).
Set up 19 years ago to champion job creation in the region, the Michelin Development programme offers subsidised, unsecured loans of up to £50,000, available for projects with the potential to create quality, sustainable jobs.
Shaun Lees said: “Michelin Development is a unique service and has played a vital role in enabling our business to grow.
“The process to apply is straightforward. All too often many loans and grants can be confusing and take a lot of effort to progress without always offering a tangible outcome.
“Michelin Development has a clear due diligence procedure, but it is straightforward and there’s the support from the Michelin team throughout the process.
“It has helped us overcome the challenge of running a growing business. As we’ve expanded, the money has enabled us to focus on what we need to do to grow the business, without an impact on cashflow.”
Michelin Development is available to small and medium-sized enterprises based in and around Newcastle-under-Lyme, Stoke-on-Trent and Staffordshire Moorlands.
It is backed by a steering committee, which includes Staffordshire Chambers of Commerce, NatWest Bank, Staffordshire Business Innovation Centre and Stoke-on-Trent City Council Economic Development Unit. www.investstoke.co.uk
Carol Hopkins, Michelin Development’s Economic Development Officer, said: “Companies like Patera Engineering show the benefits of the programme for the region.
“We are here to help deliver the extra support for businesses starting a growth journey.
“The funds are in place, and we welcome applications to deliver this support and investment in our community.”
Date Published: 6th June 2023