THE Port of Blyth has invested in a new £2.1m crane after securing a hire purchase facility from Lloyds TSB Commercial Finance.
The port, which handles up to 1.5 million tonnes of goods each year, is expanding with an increasing number of offshore energy operators and needed the extra lifting power on its South Harbour.
The Liebherr LHM 420 has a lifting capacity of over 120 tonnes and will mean the port can offer unloading services 24 hours a day, rather than having to hire an additional crane when extra capacity was needed.
The funding was provided through the Government-backed Funding for Lending scheme, which meant the business was able to benefit from a 1% interest rate reduction.
In addition to this, the company also utilises a revolving credit facility from Lloyds Bank Commercial Banking.
John Davies, finance director at the Port of Blyth, said: “We are constantly looking to develop the service that we offer to our users and the purchase of the new crane is the latest step in this process.
“It will greatly improve our operating capacity and allow us to better serve the increasing demand from energy businesses, together with supporting existing customer requirements.
“The purchase of a new crane obviously involves a significant capital outlay, so the hire purchase facility from Lloyds TSB Commercial Finance proved ideal in allowing us to secure the equipment without putting a strain on our cashflow.”
Keith Bowden, regional manager for Lloyds TSB Commercial Finance, said: “The Port of Blyth is a vital facility for the North East and the addition of the new crane will have tangible benefits for both the service users and the port itself, as it will no longer have to hire in additional crane capacity.”