Allied Textiles has embarked upon a major investment programme to upgrade its technical capability in the manufacture of technical textiles.
The company has received a loan from Lloyds Bank Corporate Markets in order to fund the new investment, although the figure is undisclosed.
Allied Textiles has officially opened its refurbished factory in the Rossendale Valley, Lancashire, taking on 40 staff in the process. The textile manufacturer has expanded its manufacturing facilities for specialist coated products and dying processes.
Stewart McGuffie, chief executive of Allied Textiles said: “Rossendale Valley is a real jewel in our crown. We have had a tough few years like many businesses but we have taken this as an opportunity to get ourselves in good shape for the future, investing in the business and making sure we are concentrating on what we do best.”
Joanne Williamson, business development director at Lloyds Bank Corporate Markets, said: “The investment and growth of Allied Textiles is very important for the local economy. The business employs a wide variety of skilled workers and its expansion will offer new employment opportunities in the region.”
Ms Williamson added: “We will be providing credit facilities and a range of other support to the business with a view to building for long term growth. Allied Textiles is a manufacturing business in a very traditional industry – it’s a rare breed these days.”
Steven McGawn, director of business development at Lloyds TSB Commercial Finance, who are providing asset based lending facilities to Allied Textiles, added: “We worked closely with Stewart [McGuffie] to put in place a flexible cash flow facility which will grow in-line with sales, providing financial headroom and ensuring the company is in a strong position to grow.”