Plans to almost double the size of Halcyon Tankers's fleet within three years have been boosted by a £250,000 loan from the Northern Powerhouse Investment Fund (NPIF).
The firm was launched in July last year as a division of Hargreaves Services and bought by former Hargreaves directors Ian Elliott, Andrew Spence-Wolrich and Nigel Barraclough in January.
It specialises in transporting petroleum and bulk chemicals across the UK from its base in Port Clarence, Middlesbrough.
The company, which currently operates 21 trucks and 27 trailers, plans to use the NPIF funding to add another 39 vehicles to its fleet within the next three years and to pay for marketing.
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Andrew Spence-Wolrich, commercial director at Halcyon Tankers , said: “The funding has given us breathing space and allowed us to put our ambitious growth plan into action, which is to double the size of the business while maintaining a safe, compliant, quality and profitable service.
Mark Wilcockson at British Business Bank, where NPIF is based, said: “It is good to see that NPIF is able to support Halycon in its plans to almost double its amount of vehicles within the next three years.
"This investment in new units and marketing activity will aid Halycon to scale-up and achieve further growth within the industry.”
