UKSE provides package of support
Steel fund helps contractor bank on new home
Insurance reinstatement contractor, Prater Contracts, has moved into a larger, purpose built office and employed more staff, with help from a six-figure funding package from UK Steel Enterprise (UKSE).
The Tata Steel subsidiary, set up to assist growing companies in traditional steel areas, has backed the Lanarkshire business with an Enterprise Finance Guarantee (EFG) loan.
Prater Contracts was set up in 1997 by husband and wife team, Stephen and June Prater. It provides building services for insurance claims and is currently heavily involved in the refurbishments of homes damaged by the recent flooding in parts of Scotland and Cumbria.
The funding package has enabled the firm to buy a disused bank in Cleland and renovate the building into a custom-built, two storey office, complete with meeting rooms, a staff kitchen and parking facilities.
Since the move, the Lanarkshire business has been able to take on another four members of staff and an adult apprentice joiner who receives on-site training from Prater’s team and attends college part time.
June Prater said: “The funding from UKSE has helped us a great deal. We had outgrown our previous office in Wishaw and needed more space to improve the running of day-to-day tasks.
“The UKSE loan application process was very straightforward; Anne Clyde was great, full of advice regarding our business strategy and well connected to an abundance of people.”
Anne Clyde, regional manager for UKSE, said: “UKSE’s purpose is to help create jobs in areas affected by changes in the steel industry and Prater has already taken on five members of staff with the prospective to hire more.”