A Derby manufacturer is planning to expand its product offering and export into new markets after securing a £1.65m funding package from Lloyds Bank.
Parry Group is a designer, manufacturer and supplier of commercial catering equipment, stainless steel furniture and commercial lighting for a range of industries including the hospitality and healthcare sectors.
The business, which operates from a 45,000 sq ft premises on Town End Road in Draycott, currently exports to Europe and Africa, and identified a demand for its products from markets in the Middle East. It decided to switch its banking facilities to Lloyds Bank Commercial Banking, which provided a £450,000 loan to allow the business to invest in product development and set up new export operations in the UAE and Dubai.
The banks commercial finance team also provided an additional £1.2m of working capital to help generate cash flow to support the business growth plans.
Gary Rose, managing director of Parry Group, said: There is a growing healthcare sector in the Middle East with demand for British-made products and, as a result, we felt it was the right time for us to grow our export operations and extend our product line.
The team at Lloyds Bank has been extremely supportive of our plans to expand, providing us with invaluable guidance and support. We now look forward to continuing to pursue an aggressive growth strategy and aim to double our turnover in the next five years.
Parry Group has an annual turnover of around £7m and employs 65 people, with plans to take on additional staff in the next six months.