Luxfer, the global manufacturer of high-performance materials and components, has agreed a new £90m funding package with a banking syndicate to support its growth plans.
Salford-headquartered Luxfer has increased the size of its revolving credit facility from £30m to £90m as it targets growth organically and by acquisition, with the business also confirming that it can draw on an additional uncommitted £30m facility if required.
Lloyds Bank’s North West-based Mid Markets and Strategic Finance teams led the banking syndicate, which also included incumbent lenders Yorkshire Bank and Bank of America Merrill Lynch, and new entrants RBS and Santander UK.
Luxfer, which supplies products to end users in a broad range of markets including healthcare, defence, automotive, aerospace and environmental technologies, employs more than 1,800 and operates 20 manufacturing plants across eight countries.
It recorded revenues of £288.6m and pre-tax profits of £33.3m for the financial year ending December 2013, a fall from 15% on the previous year.
Andy Beaden, group finance director at Luxfer Holdings, said: “Following our IPO in October 2012, this extended banking facility further strengthens our financial position and provides a solid platform for future growth.
“This larger and more flexible facility gives the Group considerable ability to further invest, both organically and inorganically, in its material and gas containment technologies.
Mr Beaden added: “I was pleased at the strong support received from the expanded banking club for the Luxfer name, with the innovative linkup between Manchester and California bankers demonstrating Manchester and Salford are open for business on an international stage.”