A specialist manufacturer of aluminium coils for the food, pharmaceutical and printing industries has secured a £62m finance package to fund an expansion drive.
Bridgnorth Aluminium has been approved for the package encompassing £45m of asset based lending from Lloyds Bank Commercial Finance with an additional £17m of funding from the group’s commercial banking arm.
The finance will help drive further growth at the Shropshire-based firm, which will also include the future expansion of its 60-acre manufacturing plant, where it produces aluminium coils.
The investment will increase the plant’s capacity to 150,000 tonnes per year, with an influx of new machinery set to be operational by the end of 2015 at a site employing 300 people.
As the only business in the UK and one of just three in Europe capable of manufacturing aluminium for lithographic plates, the company has seen its customer base growth across Europe and North America.
Simon MacVicker, managing director of Bridgnorth Aluminium, said this demand has made expanding a necessity for the company, which was established in 2001.
“Our business has grown considerably in recent years and we needed to expand our existing manufacturing operations in Shropshire,” he said.
“This investment in manufacturing plant meets our current needs and provides us with plenty of capacity to grow our operations in the future, particularly in export markets in North America.
Murray Stewart, relationship director at Lloyds Bank Commercial Banking in Birmingham, said the investment in Bridgnorth Aluminium’s existing manufacturing capabilities will have a positive effect on the business’ future ambitions.
“It is a typical example of a UK mid-market business that has evolved over time and generated steady growth in a niche market sector,” he said.
“Businesses such as this are fundamental contributors in driving the UK’s economy and Lloyds Bank is committed to working with them to provide the backing they need to drive expansion and development both here and overseas.”