Leeds-based company Quality Bearings Online, a Queen’s Award-winning supplier of bearings, plans to expand its exports to South America. The company secured £500,000 in funding from NPIF II – Mercia Debt Finance. This fund is managed by Mercia Debt and is part of the Northern Powerhouse Investment Fund II (NPIF II).
Quality Bearings Online serves UK manufacturers and engineering firms in more than 120 countries. Exports make up over 90% of the company’s sales.
Founded in 2012, Quality Bearings was one of the first online bearing suppliers. In 2022, it won a Queen’s Award for Enterprise in international trade. Last year, the company launched a new trade sales division called QBOL World. This followed the acquisition of assets from another bearings supplier, Euro World. Quality Bearings has also expanded into a second unit next to its current site and increased its turnover by 28%.
The business is led by Denny Maude and Simon Riley and currently employs 27 people. The new funding will provide working capital to support growth plans. These include creating a division to serve aerospace, defence, and advanced engineering sectors. The company also plans to add three new jobs.
CEO Denny Maude said, “Quality Bearings brought a fresh approach to a traditional industry by embracing e-commerce. Sales used to happen mostly at trade counters, but we focused on quickly sourcing and delivering products worldwide, often within one or two days. This has been key to our success. We want to keep growing and become the top choice for premium bearings globally.”
Next Phase of Growth
Gary Whitaker from Mercia Debt said, “Quality Bearings has been a pioneer in the industry. The management team has kept driving the business forward. After doubling its floorspace and expanding trade sales last year, this funding will help the company enter its next phase of growth.”
Lizzy Upton, senior investment manager at British Business Bank, added, “International trade has been challenging for many businesses recently. This funding shows that with the right support, companies can get the finance they need to succeed and adapt. It is inspiring to see a Northern business expand globally and now explore new markets in South America.”
David Baggaley, economic development lead at Leeds City Council, advised Quality Bearings during its growth. The £660 million Northern Powerhouse Investment Fund II supports businesses across the North of England. It offers loans from £25,000 to £2 million and equity investment up to £5 million. The fund helps small and medium-sized businesses to start, grow, or stay competitive.
The aim of NPIF II is to promote sustainable economic growth by backing innovation and creating local opportunities. It increases access to finance for smaller businesses in the North, especially those that might not otherwise get investment.
