LB Plastics secures loan from Lloyds Bank to make new window product
A Derbyshire manufacturer has invested in a new state-of-the-art production facility as part of its post-coronavirus growth plans. Flexible Bus Bars
LB Plastics, based at Nether Heage, near Belper, has secured a £1.1 million 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.
Back in the 1970s, the company pioneered the use of PVCu windows for the British market and has been supplying the products ever since.
The firm’s owner, Roger Hartshorn, is now investing in the design possibilities of aluminium, creating a 100% recyclable aluminium window system that is ultra-secure, ultra-sleek in appearance and designed to be easy to fabricate.
LB Plastics will be supplying the products to its associated company Garner Aluminium Extrusions.
Meanwhile, Garner Holdings, which is the parent company of LB Plastics, has also secured a loan repayment holiday from Lloyds for the next three months to help support cashflow through the coronavirus crisis.
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.
Planar Transformer Design “We’re committed to working by the side of these businesses to help them navigate the disruption caused by Covid-19.”