MIRA Drives Growth After Securing £11Million Lloyds Bank Funding
Renowned automotive research and development organisation MIRA has secured an £11million funding package from Lloyds Bank Commercial Banking to support the development of facilities at its new landmark Technology Park near Hinckley and the acquisition of new specialist rig equipment.
The lending facility has been provided by Lloyds Bank, using funding from the Government-backed Funding for Lending Scheme (FLS), which enables businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment. Lloyds Bank has delivered more than £700million to manufacturing firms over the past six months as part of a £1billion commitment set in September 2012, and is on course to beat the £1billion commitment target.
The vehicle engineering consultancy has used part of the funding to purchase a state-of-the-art Kinematics and Compliance (K&C) Rig. MIRA’s K&C facility allows automotive firms to develop prototypes and validate new designs, and the new rig will ensure that the company maintains its position as the country’s leading vehicle test business.
MIRA has also completed the extensive development of the Control Centre, the first new building at the business’ 87.5 hectare Technology Park. The flagship four-storey office block is linked to six workshops by a fully glazed reception cube, and has been specifically designed for clients working in transport related engineering R&D, providing them with access to MIRA’s proving ground and engineering test facilities.
The new vehicle workshops have enabled the organisation to provide facilities for new clients including Bosch Engineering, Triumph Motorcycles and Norgen.
The business switched from its previous banking provider to secure increased working and development capital from Lloyds Bank, and moving forward, it plans to use the funds for projects including the development of additional bespoke R&D buildings for clients.
MIRA was established in 1946 as a Government funded project, and remains a prominent employer in the Midlands, with 550 staff. The business has grown into an independent vehicle engineering consultancy that delivers tailored engineering solutions for its clients, and the continued growth of the business represents its significant investment into the local economy.
Tim Nathan, Chief Financial Officer at MIRA, said:
“At MIRA we pride ourselves on our ability to provide world class facilities for our clients. We operate an integrated approach and draw on our extensive market experience to deliver innovative engineering solutions to help clients overcome industry challenges.
“With the support of Lloyds Bank we have been able to invest in new state-of-the-art equipment that allows us to keep at the forefront of technology advances. We have also made substantial headway with the development of our landmark Technology Park, and we are looking forward to working closely with the Lloyds Bank team as the project progresses.”
Tim Newman, relationship director at Lloyds Bank Commercial Banking, said:
“MIRA has established a reputation as the leading automotive R&D organisation in the country, with international businesses eager to reap the benefits of its high class engineering facilities.
“MIRA’s continued investment into the development of its technology and equipment is testament to its commitment to driving the automotive industry forward, and this deal exemplifies our support of growing mid-market firms with ambitious and focused management teams.”
