A UK North East port has announced a new £12 million banking facility with Lloyds Bank that will enable the next phase in its rapid expansion.
Port of Blyth is set to make major investments in its terminal infrastructure and the construction of new ware-housing, as well as strengthening quays and installing new cranes.
Having reported a second consecutive year of record financial figures in April including a 17% increase in turnover, the port is now viewed as one of the UK’s fastest growing Trust Ports, driven largely by the continued development of offshore energy-related activities.
This expansion has necessitated a record level of investment from the Port, via the consolidation of a long-term relationship with Lloyds Bank, with spending set to support key developments to serve clients in the offshore energy, dry and liquid bulks sectors.
Oran Robson, finance director at Port of Blyth, said: “The potential at the port across numerous sectors is huge, but to make the most of those opportunities and to ensure we continue to diversify our offering to protect the business’s long-term security, it’s crucial we invest now.
“This series of developments will facilitate a large number of new jobs on Port land as we aim to double the number of those employed on site from 500 to over 1,000 in five to ten years. These ventures will also act as a catalyst for growth in the local economy and will no doubt stimulate inward investment
into the town.
“We anticipate that major projects
such as the joining of our Bates and
Wimbourne Quay terminals will attract significant interest from the industry and
will enable us to exceed 50% turnover
growth targets during the investment
Progress at the port in recent years
has seen the arrival of major clients
including Royal IHC, Global Marine
Group and DeepOcean, with a powerful
cluster of offshore energy companies and
a well-developed supply chain making the
port an increasing attractive proposition.
The port’s on-going development in
partnership with Arch of Energy Central,
one of the UK’s largest quayside offshore
energy development sites, alongside
major projects such as EDF’s
demonstrator wind farm and the North
Sea Link interconnector with Norway
have continued to highlight the port’s
Michael Hindhaugh, relationship director, Lloyds Bank Commercial
Banking, said: “This investment
represents a great step forward for the
Port of Blyth.
“The new facilities will create jobs
and investment straight away,
and it will help to future-proof
the port, making it a driver of
prosperity for many more
years to come.
“Lloyds Bank is committed
to supporting investment that
helps Britain prosper and we
have dedicated teams on hand
to offer bespoke funding
solutions and expertise.”
PORT OF BLYTH
Port of Blyth is the port
operating division of Blyth
Harbour Commission, an
independent statutory trust
established in 1882 and is one
of the largest Trust Port’s in the
UK handling up to two million tonnes of cargo per annum across five
terminals based around the River Blyth.
Together with major logistics and
training divisions, the port group has a
turnover of over £23 million and has
again announced record turnover and
profitability for 2016 despite challenging
global trading conditions.
Such success has been driven by
growth across a variety of sectors but
particularly offshore energy (oil & gas
and wind) with the port is now
recognized as a major strategic east
coast base supporting the sector. Other
trade handled includes containers, dry
bulks (coal, aggregates, cement etc) and
As a Trust, all profits are re-invested
back into the port to improve facilities
and to provide benefits for its wider