Rotherham-based storage solutions manufacturer RediRack has received significant backing from Finance Yorkshire – a provider of investment funding for small and medium sized businesses.

The funding will enable RediRack to begin construction of a new Innovation Centre which will house a range of test and research facilities needed to aid the development of the RediGroup’s portfolio of automated materials storage and handling solutions.

The financial infusionalso means that RediRack will be able to expand its workforce with new positions expected to be createdin both research, development and production roles.

Andrew Forsythe, RediGroup’s CEO, said: “I’m thrilled to receive this investment from Finance Yorkshire.  The funding will allow us to fast track some of the innovative products we are working on and will keep RediRack at the top of the handling and storage industry.”

Ian Howson, Finance Yorkshire Investment Manager, commented: “RediRack is an innovative and fast growing company with exciting plans for future development. It is looking to grow its facility in South Yorkshire, which will increase employment opportunities in the area and become a centre of excellence for the creation of exciting new products. All these initiatives make it an ideal company for a Business Loan from Finance Yorkshire and we are pleased to be working with RediRack to help the company deliver its plans successfully.” 

The Finance Yorkshire funding is the second major financial boost RediGroup has received in 2013: earlier this year, the Group successfully qualified for a grantin excess of £1million from the Regional Growth Fund (RGF).

AboutRediGroup:
RediGroup provides quality, innovative solutions across the supply chain industry. Acting as a single source for all infrastructure requirements, RediGroup is made up of five distinct divisions: RediBuild, RediFit, RediFloor, RediRack and RediTechniX which, as stand-alone businesses or a combined service, are positioned to provide an end-to-end intra-logistics solution together with construction and fit-out services for any build environment.