Electrical cable manufacturer Doncaster Cables has extended its product range and is targeting Asian markets after securing £6.5 million from Lloyds TSB Commercial Finance.
The Bentley-based business sells to trade customers across the country and decide to ramp up production after demand for its products rapidly increased, particularly from clients with multiple stores.
Long term banker Lloyds is providing £6.5 million of asset based finance, including £1.5 million to enable the firm to increase stocks, secured against the value of finished goods.
Doncaster Cables has used some of the finance to buy state-of-the-art machinery that will enable it to expand its range and supply foreign markets.
The business is now focusing on exporting to new global markets, including mainland Europe, the Far East and Libya, where there is growing demand for high quality cabling.
Director, Chris Mallinson, said: “With the funding support of Lloyds TSB Commercial Finance we are able to capitalise on increased client demand whilst also enhancing the products we can offer to them.
“We have generated significant sales growth and we are now approaching new markets over the next few months, particularly in the Far East where development work is increasing and businesses require cabling that they can trust.
“The level of cheaper imported cables which have been found to not meet the required British or European Standards is concerning to both the industry and the public.”
Lloyds Bank says Doncaster Cables is a great example of a UK manufacturing business that is achieving significant growth in a challenging economic climate.
Jon Adams, regional director at Lloyds TSB Commercial Finance, added: “The volume of sales Doncaster Cables was receiving was stretching its production capacity.
“The funding facility we provided gave the business the necessary headroom to purchase additional equipment and products and meet increased customer demand.”