Left to right: David Baggaley, Connor Murray, Gary Whitaker, Samantha Ross and Simon Riley Leeds-based
Quality Bearings Online, a Queen’s Award-winning company that supplies bearings worldwide, is set to boost exports to South America after securing £500,000 from NPIF II – Mercia Debt Finance, which is managed by Mercia Debt as part of the Northern Powerhouse Investment Fund II (NPIF II). The company currently supplies UK manufacturers as well as engineering and manufacturing firms in over 120 countries, with exports accounting for more than 90% of its turnover.
Quality Bearings was one of the first online suppliers of its type when it was first set up in 2012, and was recognised with a Queen’s Award for Enterprise in the international trade category in 2022. Last year the company launched a trade sales division, QBOL World, after acquiring the assets of Euro World, another bearings supplier. The company has now expanded into a second unit adjacent to its existing premises and achieved a 28% increase in turnover.
The business, which is led by Denny Maude and Simon Riley, currently employs 27 staff. The NPIF II funding will provide additional working capital to support its growth plans, which include establishing a new division to serve the aerospace, defence and advanced engineering sectors, and the creation of three new jobs.
Quality Bearings’ CEO Denny Maude said: “By embracing e-commerce, Quality Bearings brought a fresh approach to a traditional industry where sales were handled over trade counters. Our ability to quickly source products and deliver to customers worldwide, often within as little as one to two days, has been key to our success. Looking ahead, we are focused on continued growth and becoming the number one choice for premium bearing supplies on a global scale.”
Next phase of growthMercia Debt’s Gary Whitaker added: “Quality Bearings has been a pioneer in the industry and its experienced management team have continued to drive the business forward. Following a year of heavy investment, in which the company has doubled its floorspace and expanded into trade sales, this funding will enable the team to move on to the next phase of growth.”
Lizzy Upton, senior investment manager at British Business Bank, said: “Trading internationally has recently presented challenges for many businesses, but this funding demonstrates that with the right support, companies can access the financial tools they need to succeed and adapt to changing market conditions. It is always inspiring to see a Northern business expand its global footprint, and we are especially excited to see it tap into new markets across South America.”
David Baggaley, economic development programme lead at Leeds City Council, provided business growth advice to Quality Bearings. The £660 million Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small- and medium-size businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early stage finance for the North’s smaller businesses, providing funds to firms that may not otherwise receive investment and help to break down barriers in access to finance.