£50,000 Bridging the Gap Recipient - October 2013
Import Services Limited is a Third Party Logistics provider, attracting UK importers of consumer goods through the Port of Southampton and providing warehousing and distribution services at its three distribution centres, clustered around the Port or within shunting distance of the Container Port.
Occupancy levels within the warehouses are crucial, and ISL aim for 90% occupancy each year. Each increase in warehouse capacity is considered a step-change with initially a dip in profitability until the increased space is gradually taken up by new clients and organic growth of existing clients.
BTG funding was secured to contribute to the costs of racking for the new warehouse space, which in turn lead to the recruitment of seven new members of staff.
Richard Ainscow, Director and Company Secretary of Import Services Limited, said:
Securing the Solent LEP funding was really useful, as fixed racking is difficult to finance by conventional asset-finance means. The racking is absolutely essential to the successful integration of additional space, and the funding enabled the project to proceed and create the seven new jobs.