Industrial Chemicals Group will expand its production capacity at its West Thurrock Chlor Alkali facility with the support of a £7 million funding package from Lloyds Bank commercial bank.
The company suggests the deal marks the continuation of a long-standing partnership with Lloyds Bank, which provided the business with a £35m finance package in 2013 – helping to fund the original development of the Chlor Alkali manufacturing plant, located within the Group’s 90-acre production facility at West Thurrock, Essex.
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Head of finance at Industrial Chemicals Group (ICG), Steven Swaby commented: “Following the significant investment in our manufacturing facilities two years ago, we have continued to accelerate our growth, and are pleased to introduce additional capacity to our Chlor Alkali operations in West Thurrock.
“Lloyds Bank’s support has again been fundamental in enabling this expansion, which will help us to achieve our growth ambitions, reducing our reliance on third party chemical supplies and driving profitability.
“Since 2013, Lloyds Bank’s support has enabled us to implement our strategy to increase our in-house UK manufacturing and expand our packaged chemicals division. We have created 53 new jobs, including the introduction of an apprenticeship programme to develop the skills of the next generation in engineering and manufacturing in the UK.”
On its involvement in the industry, Lloyds Bank announced in October that it had beaten its 2015 target to provide £1bn in funding to UK manufacturers, as it continues to ramp up its support for the sector.
Relationship director at Lloyds Bank Commercial Banking, Ian Aston said: “Manufacturing is one of the driving forces of the UK economy, and we’re therefore pleased to support the installation of a new production line at Industrial Chemicals Group’s Essex headquarters.”
ICG was established more than forty years ago and boasts an annual turnover approaching £100. It employs over 400 people across the UK and handles more than 1m tonnes of specialist chemicals annually.