We have established a strong relationship with the bank over many years, and the funding from Lloyds TSB Commercial Finance will help the business expand its export programme.
(PRWEB UK) 3 September 2012
A leading manufacturer of steel bins is expecting its turnover to rise to more than £26 million in the next 12 months after securing funding support from Lloyds TSB Commercial Finance.
Established in 1962, Egbert H Taylor and Company Limited designs, manufactures and supplies steel waste and recycling containers to corporate clients including Veolia and Biffa, as well as 80 per cent of the UK’s local authorities.
The Droitwich business, which trades as Taylor, has an annual turnover of £23 million and employs more than 160 local workers. The company also exports its products worldwide to Africa, South East Asia and the Middle East, where extensive infrastructure build is creating high demand for quality waste containers.
In October 2011, equity investors led by Sullivan Capital Partners and Oakfield Capital acquired Taylors from ECI Partners, charting a new phase of significant development for the business.
Securing new international contracts
The firm has recently secured several new international contracts and, to support the uplift in productivity and working capital outlay, the company’s banking partner Lloyds Bank Wholesale Banking & Markets introduced it to Lloyds TSB Commercial Finance, which has supplied a £2 million facility to accelerate Taylor’s ambitious plans to grow its global business.
Colin Lewis, finance director at Taylor, said: “The waste industry has remained resilient throughout the economic downturn and our move into the international markets over the past two years has generated substantial growth opportunities for the business.
“We have established a strong relationship with the bank over many years, and the funding from Lloyds TSB Commercial Finance will help the business expand its export programme. This is vital as we continue to cement our position as one of the world’s leading supplier of steel waste containers.”
James Scarborough, director of business development at Lloyds TSB Commercial Finance, said: “Taylor operates in an industry in which there is growing demand for quality, resilient disposal units, particularly in the Middle East where the vast construction work demands rigorous waste disposal facilities.
“The firm recognised this opportunity to markedly expand its business, and approached us for a funding facility that will prove invaluable when working with overseas firms that operate on different payment terms to UK companies.
”The deal illustrates not only our commitment to supporting growing UK businesses with notable overseas expansion ambitions, but also the suitability of our cashflow funding packages within the private equity funding model.”