Essex-based manufacturer, Milbank Concrete Products has bought new machinery that will enable it to update and enhance its current production capabilities, with the support of a £480,000 funding package from Lloyds Bank.
Established in 1947, Milbank Concrete Products is a leading manufacturer of pre-stressed concrete floors and associated concrete products, suppling a range of organisations in the construction industry, including housebuilders; sports stadiums; environmental protection, and the public sector.
The family business is consistently looking for new ways to enhance its production and improve efficiency, and recognised the need to replace its concrete mixer with a new, faster processing concrete batching plant.
It approached Lloyds Bank Commercial Banking’s local manufacturing team, which used its Commercial Finance colleagues to provide a £480,000 asset finance facility to support the purchase of the specialist batching plant.
The plant, which was designed and manufactured in Italy, uses modern technology to ensure that optimum precision and consistency is achieved, as well as dramatically reducing casting time. It can be controlled remotely from anywhere in the factory and is self-cleaning.
The replacement of the concrete batching plant marks the start of a number of investments by the business to ensure more environmentally friendly production and improved customer service. Future planned investments include new casting moulds, casting machinery and a biomass boiler heating system.
As a result of the plant purchase, alongside the additional planned investments, the business will be able to reduce its processing speeds by 40%, with the potential to increase production by up to 50%.
Milbank Concrete Products operates from a seven acre site at Earls Colne Business Park in Colchester and currently employs 168 members of staff, including 11 highly skilled concrete installation teams.
Managing director, Andy Mayne commented: “With almost 70 years of experience in the manufacture of concrete products, we have built up an extensive and loyal customer base and take great pride in the high quality products we deliver.
“The new concrete batching plant is crucial to our operation and has enabled us to not only increase output, but also further improve the quality and reliability of products for our clients.”
Mary Murrell, relationship director at Lloyds Bank Commercial Finance, noted: “Asset finance is the ideal way for businesses to invest in the infrastructure of their businesses without affecting their cashflow, and we were pleased to work with Milbank Concrete Products to enable this important machinery purchase.”
Mark Williamson, manufacturing relationship director at Lloyds Bank Commercial Banking, added: “Milbank Concrete Products is a well-established local business and the purchase of the new concrete batching machine marks an important milestone for it.
“We are committed to providing guidance to manufacturing businesses like this and, as part of that commitment, we have trained more than 300 managers across the UK in manufacturing awareness to help enhance the support we offer manufacturing businesses.”