Amtico International, headquartered in Coventry, manufacturer of luxury flooring is expanding its product line and moving into new international markets with the support of a £1.5m worth of funding from Lloyds Bank.
The firm uses innovative technologies to manufacture a range of wood, stone and abstract look flooring choices for use in the home as well as for commercial customers operating in sectors including retail, hospitality, education, office space and healthcare.
The business’s UK operations are split between consumer sales via specialist flooring retailers, whilst it also provides the flooring to fit out many high street names as well as numerous hospitality, student accommodation and office venues.
Amtico International has a significant overseas presence, with offices in France, Germany, Sweden, Dubai and Hong Kong. The manufacturer is planning to grow its export markets, and turned to Lloyds Bank to secure a new Foreign Exchange facility that will help protect the business against currency rate fluctuations.
The business’ research and development team is also working on a new range of products that challenge ideas of traditional flooring choices and combine design quality with high technical performance.
Established in 1964, Amtico has an annual turnover of £75m and employs nearly 500 people across its manufacturing facility in Coventry, its sales office in Solihull and its overseas operations.
Andrew Elsby-Smith, group finance director said: “British manufactured goods are in huge demand from overseas marketplaces, and we have experienced significant growth exporting our products to businesses around the world.
“The new facility from Lloyds Bank will be instrumental in helping the business to mitigate the risks involved when working with customers that use different currencies and work to longer time frames, leaving us well placed to continue enhancing our product line and exploiting the developing markets such as the Middle East and Asia Pacific.”
Mark Lewis, relationship director at Lloyds Bank Commercial Banking, said: “The increasing popularity of the luxury flooring produced by Amtico International has delivered significant growth for the business, with expansion into new market sectors as businesses of all types look for something to differentiate themselves from their competitors.
“With a solid foundation to build upon, the business has the expertise and ambition to successfully expand into new global territories, and we look forward to working with Amtico International’s management team moving forward.”