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£100,000 investment offers boost to rural economy

Published Wednesday, 25 April 2018

Stewart Denny on site  at Macadam asphalt

A Lanark-based company has become the latest to receive a £100,000 business loan through the council.

Macadam Asphalt Co Ltd is an independent asphalt production plant located in Scotland’s largest granite quarry at Cloburn, Pettinain, near Lanark.

Run by Lanarkshire businessmen Stewart Denny & John Higgins, the company started trading in February 2010, and in that time has produced more than 850000 tonnes of quality assured asphalt, with a sales value of £55million.

The £100,000 loan - awarded by the council through Business Loans Scotland - will enable the company to purchase an additional asphalt plant, increasing turnover significantly, and creating two new jobs straight away - with more to follow.

This loan has also taken the Business Loans Scotland lending to more than £1million to 19 businesses in 11 local authority areas since its inception.

Stewart Denny is full of praise for the support given to the company both by the council and Business Loans Scotland.

He said: On behalf of everyone at MacAdam Asphalt I offer huge thanks to the council’s planning and economic development team for their support of our company in creating a long-term, sustainable business and local well paid employment for Lanark.

“South Lanarkshire’s approach to economic regeneration is one of excellence and in my opinion, should be the standard all local authorities should strive to attain.

“Local business growth leads to local employment, purchases and consequently greater economic recovery. We are now from a standing start, the largest customer of all our local suppliers. We could not have done that without the consistent support of the council and now Business Loans Scotland.”

Business Loans Scotland builds on the previous successful loan funds, the West of Scotland Loan Fund (WSLF), the East of Scotland Investment Fund (ESIF) and the South of Scotland Loan Scheme.

With significant input of funds from Local Authority Members and the European Regional Development Fund, Business Loans Scotland aims to substantially increase the supply of loan capital to new and existing, small and medium sized businesses across Scotland.

In doing so, this innovative public-private partnership fund can help accelerate the growth of businesses in Scotland, complementing other private and public sector forms of funding.

Councillor John Anderson, the chair of Community and Enterprise Resources, added: “Our aim, through our partnership with Business Loans Scotland, is to make sure that good, commercially viable proposals don’t fail through a lack of access to finance.

“We also want to encourage and support the creation, development and growth of local business, boosting their potential for expansion of trade both within and outwith Scotland.

“I am delighted that we have been able to support Macadam Ashphalt, already a significant employer making substantial contributions to the rural economy, in taking its business to the next level. Not only does it cement and strengthen its position locally, it sets up further employment opportunities and futureproofs operations on a national and international scale.”

The Scottish Government is the Managing Authority for the European Structural Funds 2014-20 Programme. For more information follow @scotgovESIF