Port of Blyth, located on the East coast of the UK, has announced a new £12 million ($16.4M) banking facility with Lloyds Bank that will enable the next phase in the port’s expansion.
Major investments will now be made in relation to terminal infrastructure and the construction of new warehousing, as well as strengthening quays and installing new cranes, the port said in a statement on Friday.
Having reported a second consecutive year of record financial figures in April last year including a 17 per cent increase in turnover, the port said it is now viewed as one of the UK’s fastest growing Trust Ports, driven largely by the continued development of offshore energy related activities.
This expansion has necessitated a record level of investment from the port, via the consolidation of a long-term relationship with Lloyds Bank, with spending set to support key developments to serve clients in the offshore energy, dry and liquid bulks sectors.
Chief Executive of the Port, Martin Lawlor, said: “The new arrangement with Lloyd’s allows us to move swiftly forward with a number of important investments that are crucial to the Port’s ambitious growth plans. With major works at both our South Harbour and Wimbourne Quay terminals on behalf of incoming clients from the offshore energy sector soon to be completed, we are now turning our attention to long term projects elsewhere in the port that will generate both jobs and inward investment.
He continued: “We will shortly begin work to join our Bates and Wimbourne Quay terminals in order to offer clients a more flexible and future-proofed single terminal while work to develop both our dry bulk handling and offshore decommissioning offerings at our Battleship Wharf terminal will follow.”
Oran Robson, Finance Director at Port of Blyth, said: “The potential at the Port across numerous sectors is huge, but to make the most of those opportunities and to ensure we continue to diversify our offering to protect the business’ long-term security, it’s crucial we invest now.
“This series of developments will facilitate a large number of new jobs on Port land as we aim to double the number of those employed on site from 500 to over 1000 in five to ten years. These ventures will also act as a catalyst for growth in the local economy and will no doubt stimulate inward investment into the town.
“We anticipate that major projects such as the joining of our Bates and Wimbourne Quay terminals will attract significant interest from the industry and will enable us to exceed 50 per cent turnover growth targets during the investment period.”
Michael Hindhaugh, relationship director, Lloyds Bank Commercial Banking, said: “This investment represents a great step forward for the Port of Blyth.
“The new facilities will create jobs and investment straight away, and it will help to future proof the Port, making it a driver of prosperity for many more years to come.”