Allied Textiles has turned to Lloyds Bank Corporate Markets to help the company drive through its expansion plans. The company will continue to invest to sustain its leading technical capability in the manufacture of technical textiles, building on the various acquisitions it has made in recent years. Meanwhile, Lloyds Bank Corporate Markets will take on all of Allied Textiles' banking operations with immediate effect.
Currently employing just fewer than 300 staff, Allied Textiles makes fabric for everything from parachutes to butchers' aprons. It has also officially opened its refurbished factory in the Rossendale Valley, taking on 40 staff in the process, expanding its manufacturing facilities for specialist coated products. Allied Textiles has turned to Lloyds Bank Corporate Markets to help the company drive through its expansion plans. The company will continue to invest to sustain its leading technical capability in #
Stewart McGuffie, Chief Executive of Allied Textiles said: “Rossendale Valley is a real jewel in our crown. We have had a tough few years like many businesses but we have taken this as an opportunity to get ourselves in good shape for the future, investing in the business and making sure we are concentrating on what we do best.” From Mid-November, Allied Textiles has been supported by Lloyds Banking Group's Leeds office, having been with their previous banking partner for over 100 years.
Joanne Williamson, Business Development Director at Lloyds Bank Corporate Markets in Leeds said: “The investment and growth of Allied Textiles is very important for the local economy. The business employs a wide variety of skilled workers and its expansion will offer new employment opportunities in the region.
“We will be providing credit facilities and a range of other support to the business with a view to building for long term growth. We are delighted to be working with Allied Textiles, especially given it is a manufacturing business in a very traditional industry – it's a rare breed these days.”
The deal is an example of Lloyds Banking Group working hard to find the right package for clients.
Steven McGawn, Director of Business Development at Lloyds TSB Commercial Finance, who are providing asset based lending facilities to Allied Textiles added: “We worked closely with Stewart and the team to put in place a flexible cash flow facility which will grow in-line with sales, providing financial headroom and ensuring the company is in a strong position to grow.”
Allied Textiles is a group of five specialised businesses each focused on manufacturing for their own markets. The company has facilities in the textile heartlands of Yorkshire, Derbyshire and Lancashire providing a modern take on traditional industries.
Stewart McGuffie added: “We weren't on the hunt for a new bank but we realised a year ago we needed someone who shared our long term goals. We were impressed with the team from Lloyds Bank Corporate Markets; they took time to get to know our business. The decision makers are based locally so that is a benefit to us, we didn't once feel like this was a black box crunching numbers but a team that wanted to find the best way to work with us and we are looking forward to a long term relationship.”
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