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09 JUNE 2014 AL CIRCLE

Bridgnorth Aluminium secures a £62m finance deal

2MINS READ
Bridgnorth Aluminium has made a deal of £62m package for helping the business develop in their on-going operations as well as future expansion of the company’s manufacturing plant located in Shropshire. The finance package from the company’s office of Lloyds Bank includes a £45m lending facility based on asset from Lloyds Bank Commercial Finance and also £17m from Lloyds Bank Commercial Banking.

Earlier in 2014, the company had invested £41m in their operations and employed 65 people. The lithosheer rolling mill as well as stretch levelling production line built for a purpose is housed at the 60-acre site based in Bridgnorth. This facility will be a part of Llyods Banks funding deal.

The investment of the company will increase the capacity of the plant to approx. 150,000 tonnes every year and will have a significant contribution in helping to boost the future growth of Bridgnorth Aluminium. It is expected that the new machinery will start functioning by 2015 end.

Managing director Simon MacVicker said: "Our business has grown considerably in recent years and we needed to expand our existing manufacturing operations in Shropshire. 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.

"Despite widespread speculation around the difficulties of raising finance in the current economic climate, Lloyds Bank has worked closely with us to support this expansion, thereby reflecting their belief in our business model and development strategy."

Murray Stewart, relationship director at Lloyds Bank Commercial Banking in Birmingham, added: "The investment in Bridgnorth Aluminium's existing manufacturing capabilities will have a hugely positive effect on the business and its 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. Businesses such as this are fundamental contributors in driving the UK's economy."


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