Together Waycon Precast

Jobs protected after lender provides £550,000 bridge

Together has safeguarded 43 jobs by helping a concrete product manufacturer relocate to a commercial site in Devon.

Waycon Precast – which specialises in constructing concrete lift shafts – had been operating from a rented site in Plymouth until the freeholder won planning permission to build houses on the land.

Although Waycon had already secured a £385,000 grant from the South West Growth Fund, no suitable property could be found as the deadline to vacate its existing premises drew closer.

After reviewing the case, Together provided a £550,000 bridge to ensure a quick completion on the 46,000 sq ft Old Concrete Products Factory in Rockbeare, Devon.

Paul Chadney, regional development director for the South West at Together (pictured above, centre), said: “This was a great result for all concerned.

“Our investment – along with funds from the South West Growth Fund – meant Waycon could move quickly to secure the deal.

“It is a great example of how specialist short-term finance can deliver long-term solutions."

The new site will enable Waycon to expand into producing concrete frames for housing.

Raymond Gerson, director of Waycon Precast (pictured above, right), added: “This move will also save money in transport costs, since we will now be 53 miles closer to the main Exeter M5 hub than we were at [our] previous location.

“The company now has a really bright future and, importantly, jobs have been secured.”

Together was introduced by John Hutchings, grant manager for the South West Growth Fund (pictured above, left).

The £8.7m fund is run by the University of Plymouth in partnership with SWMAS Ltd, Source for Business and the Western Morning News.

John said: “We were delighted to work with Together and provide our own funding to help Waycon Precast into their new home.

“The move will give Waycon much more flexibility, and secure jobs in the South West region.”

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