A BUILDING products company formed just over a year ago has posted a turnover of £1.6million for its first year of trading.

Buildfix, Heys Lane Industrial Estate, Great Harwood, was set up 12-months-ago with the help of a £20,000 business loan from Michelin Development, the business development arm of tyre giant Michelin.

Buildfix distributes to building contractors and self-employed tradesman and has taken on 30 new staff, many recruited from within East Lancashire.

It specialises in a whole range equipment for the building industry such as screws, diamond tipped cutting discs, plastering equipment and other products.

Directors Damion Nickerson, who comes from the local area, and Nick Hargreaves, have plans for further expansion.

They plan to add more staff, reach the £3m turnover mark by the end of the next 12 months and sign more corporate deals such as that with JCB which has seen Buildfix secure an exclusive UK distribution licence for all JCB's diamond blade cutting tool products.

The two men have worked in the trade for some time and decided to take the plunge and set up their own business.

Damion Nickerson, who has over 20 years of experience in the building trade, said: "The investment from Michelin Development has been a massive help to get the business off the ground.

"It's enabled us to put sales staff on the road which has been a contributing factor in allowing us to grow the business so quickly.

"In the current economic climate, with the credit crunch and all the uncertainty, the Michelin scheme is a real lifeline to start-up businesses and we like to think we have repaid their faith by making Buildfix such an overnight success."

A section of the funding for the company came via Michelin Development which has supported companies across East Lancashire.

It is part of an European initiative to support entrepreneurs, helps expanding businesses by sourcing loans and offering business advice.

It has also aided Lomax Offshore Couplings, East Park Road, Blackburn, and NYN Ltd, Hyndburn, with funding and advice.