Investing in an Expansion Move
Banks Long & Co has sold a large industrial unit in Pioneer Way, Lincoln, to Partic Motor Spares, for its growing Lincolnshire Radiators business.
It is an exciting time for the company, which employs 65 people across seven sites – two in Lincoln and others in Newark, Worksop, Nottingham and Melton Mowbray and Coalville (both Leicestershire).
Partic Motor Spares Managing Director Ian Beard said: “Our Lincolnshire Radiators business is currently operating out of rented premises, off Newark Road, Lincoln.
“However, from mid-April, that business will be based in Pioneer Way, thanks to us being able to buy a unit which is in a great location, right next door to our Partic Motor Spares outlet.
“Part of our latest investment is in new technology for the Lincolnshire Radiators’ unit, which is currently being fitted out and which is actually 50 per cent bigger than our rented outlet. We see this as a sound investment for the future.”
The news means that Partic, a family-run business which started life in North Muskham, Nottinghamshire in 1979, now owns all of its branches.
“We much prefer to buy, rather than rent. Fortunately, the owner of our new 3,950 sq ft building was persuaded to sell to us. Lincolnshire Radiators currently employs five people, with colleague Dave Campbell as Manager,” said Ian.
“Two things encouraged our latest move. One was the opportunity to buy premises next door to Partic in Lincoln and the other was strategic, in line with our hopes to expand the radiators division.
“The traditional radiators market is a dying sector in today’s throwaway society. One or two competitors in the East Midlands are now no longer involved, so there is a major opportunity for us to grow our market share.”
Lincolnshire Radiators, which was created when Partic bought the radiators business of Serck Intertruck 10 years ago, offers sales and repairs for the commercial, agricultural, industrial and public service sectors (buses), typically offering a 48-hour turnaround on repairs.
“We also supply new fuel tanks and we will be expanding our fabrication services, at our new site,” said Ian.
Partic Motor Spares outlets carry a range of 20,000 spares to meet the needs of the general truck and bus markets.
Banks Long & Co Surveyor Jag Landa said: “We were delighted to complete the sale of the unit to Partic Motor Spares on behalf of our client. The purchase of a new unit will offer the company more flexibility and allow it to fulfill its growth aspirations.’’
Photograph: L to R: Lincolnshire Radiators Manager Dave Campbell and Banks Long & Co Surveyor Jag Landa