A STEEL fabrication firm has bought its own home, securing its future and enabling it to grow.

Raisco, a specialist in structural steelwork, had been leasing its premises, at the Aycliffe Business Park for the past nine years.

The company secured £805,000 from HSBC UK to take ownership of the premises, which was originally 35,000 sq ft but was increased to 45,000 sq ft in 2019, and secure the long-term future of the business.

It will allow Raisco to grow and improve its operational efficiency by increasing its floor space, reconfiguring the premises and securing outside space which could lead to more jobs.

To support business growth, Raisco also secured £245,000 from the County Durham Growth Fund, managed by UMi on behalf of Durham County Council’s economic development arm, Business Durham, and part-funded by the European Regional Development fund (ERDF).

Gary Raistrick, managing director at Raisco, said: “We have been working with our hands tied behind our backs for many years by not being able to develop our premises and expand in a way that would help the business grow and improve.

"There are exciting times ahead for Raisco now we have this additional floor space and added significant outside space to cope with increased output levels.

"Thanks to HSBC UK’s support, we can now move forward in re-developing the site to our requirements and the highest standards to support our future growth.”

Ben Foster, relationship director at HSBC UK, added: “Purchasing its premises is an important step for Raisco to fulfil its potential and prepare the business for future growth.

"We’re delighted to help them to do this and look forward to seeing the business prosper in the months and years to come.”

Sarah Slaven, interim managing director at Business Durham said: “It is fantastic that the County Durham Growth Fund has been able to support Raisco to grow the business in County Durham.

"The fund was set up to support businesses to invest, expand their operation and create new jobs which is even more important now as we enter the critical recovery phase from the coronavirus pandemic.”

Councillor Carl Marshall, Durham County Council’s Cabinet member for economic regeneration, said: “Supporting businesses to expand is key to safeguarding jobs and creating new opportunities for County Durham residents. It has long been a priority for the council and will also play a crucial role in the county’s economic recovery from the impact of the coronavirus pandemic. I am delighted we have been able to support Raisco through our County Durham Growth Fund and wish them great success in the future.”