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.