Petlon Polymers is looking to expand and grow with the help of the new loan from Lloyds Bank
Petlon Polymers is planning to expand its existing premises and product lines and widen its export operations into new markets, with the support of a £3.2million funding package from Lloyds Bank.
The Gloucestershire-based manufacturer of compounds and re-engineered polymers was awarded a £2million term loan from the bank to help support its future growth by enabling it to invest in new equipment to further develop its product lines and expand into new key international markets. The bank’s Commercial Finance team also supplied the firm with a £1.2million asset based lending facility to help generate cash flow.
“As a long established business within the polymer sector we are continually looking for new ways to invest in our firm to enhance our production capabilities and ensure we stay ahead of our competition,” commented Trent Ward, CEO of Petlon Polymers Ltd.
“This funding support from Lloyds Bank has been instrumental in enabling us to accelerate our growth ambitions as we look to target new markets and increase order numbers.”
Guy Webster, Regional Manager at Lloyds Bank Commercial Finance, said: “The asset based lending facility is ideally suited to manufacturers like Petlon Polymers, as it effectively lifts the cash flow restrictions it can face and provides the business with the financing it needs to remain active in a competitive industry.”
Following this investment, Petlon Polymers has plans to create new job opportunities and further develop its research and manufacturing facilities.