New Era Fuels, which is currently celebrating its 100th anniversary, supplies diesel fuels and oils to commercial customers from its Epping, Barking and Tonbridge depots. Previously, the firm has supplied fuel to large scale projects and developments such as the Shard and Transport for London’s Crossrail line.
In 2015, the business launched Fuelbox, a transportable bag-in-box fuelling system. Developed for use at small construction sites for diesel-powered equipment and vehicles, it has been designed to improve combustion efficiency and fuel consumption, while reducing emissions.
Forming part of the Bank’s commitment to lend £1.7billion to East of England firms this year, the £2 million loan has enabled New Era Fuels to purchase a fourth depot. A working capital facility will also allow the business to invest in growth without impacting day-to-day cashflow.
Having increased its capacity, the business now plans to focus on its exporting strategy, after recently securing orders in Spain for its Fuelbox range.
Following new business wins, New Era Fuels expects its annual turnover to increase by almost two thirds to £100 million in the next three years. It also plans to expand its workforce from 100 to 120 in the next year to staff the new site and meet the demand of new contracts.
“We are celebrating our hundredth anniversary this year, which is a great time for us to take stock of all that has been achieved since our beginnings at the end of World War I,” said managing director, Reg Geggus.
“It is also a time for us to look to the future, and our exciting expansion plans for the FuelBox line and expansion of revenue streams in other business sectors.
“Lloyds Bank has been by our side, supporting our growth ambitions for more than 25 years. Thanks to the recent loan, we can continue to invest in the business and make continued strides overseas.”
“New Era Fuels has a strong heritage and is leading in innovation in their industry,” said Jon Sedgwick, relationship director at Lloyds Bank Commercial Banking.
“It is very exciting to see the business growing and starting to take strides overseas. Working capital is even more important when exporting, and that is why we are here to stand by the side of businesses as the navigate new landscapes, to help Britain prosper.
“The innovative Fuelbox product has tremendous environmental benefits and has really taken off at home, and we are looking forward to seeing what the business has in store for the years ahead, both in the UK and beyond.”