A Derbyshire-based manufacturer has invested in a state-of-the-art new production facility that will contribute to its post-COVID-19 growth plan, with support from Lloyds Bank.
Belper-based LB Plastics, which is one of the UK’s oldest trade extruders, supplies extruded PVC-U products.
The business has secured a £1.1million loan from Lloyds Bank’s Clean Growth Finance Initiative (CGFI) to help fund the purchase of the production facility for new environmentally friendly product lines.
The firm will be supplying its associated company Garner Aluminium Extrusions, with a new thermal break product, which will form part of a 100 percent recyclable aluminium window system.
LB Plastics is said to have pioneered the use of PVC-U windows for the British market back in the 1970s. The firm’s owner Roger Hartshorn is now investing in the design possibilities of aluminium after creating a new multi-chamber thermal break for use in the aluminium window system.
Alongside the CGFI loan, LB Plastics’ parent company, Garner Holdings, has secured an additional loan repayment holiday for the next three months, which will be used to support the cashflow of the business through these unprecedented times. The business has made a commitment to pay all of its suppliers throughout the pandemic period, even while its own operations are on hold.
Emma Arrell, finance director at Garner Holdings, said: “The Lloyds Bank team has always championed sustainability and offered us favourable rates as part of their Clean Growth Fund Initiative. We’re grateful for the support with purchasing the new machinery, which will be beneficial for our productivity and for the planet.
“Although current conditions have added pressure to our business, we are optimistic about the future and the additional support we’ve received from Lloyds Bank has provided stability for everyone at LB Plastics during this unprecedented time.”
Sally Johnson, relationship director at Lloyds Bank said: “LB Plastics is an ambitious business with exciting plans for future growth. Although manufacturing firms are facing a period of significant uncertainty, it’s important that they have the financial support they need to weather the weeks and months ahead.”