A Gateshead manufacturing firm, established more than 60 years ago, has switched its banking facilities to Lloyds Bank Commercial Banking after securing funding to purchase its Team Valley trading premises.
The package - for an undisclosed sum - includes a trade finance facility to support Crabtree of Gateshead’s export activities, particularly in its key markets of the Far East, where the firm’s international sales more than doubled between 2010 and 2012.
The company employs 165 staff and produces large metal decorating and coating machinery offering several different colours.
The machines are used in a variety of ways within the metal decorating industry, from consumer packaging to containers for industrial use and speciality packaging.
Crabtree, which reported a full year turnover of £19m in 2013, exports to over 90 countries worldwide.
Last year, it was listed in the Sunday Times International Track 200, a league table of Britain’s mid-market private companies with the fastest growing international sales.
Crabtree managing director Stephen McDowell said: “The Far East is a key growth area for us and the new funding package ensures we can build on recent successes in the region.
“Lloyds Bank has demonstrated a real interest in our business over a long period and we are looking forward to working with the team.”
Lloyds Bank Commercial Banking provides financial services to businesses of all sizes, from start- ups through to multinational corporations.
Its corporate clients range from privately-owned firms to FTSE 100 PLCs, while its finance offering includes spans everything from import and export trade finance to structured and asset finance to securitisation facilities and capital market funding.
The business’ product specialists provide bespoke financial services, including tailored cash management, international trade, treasury and risk management services.
Alison Smith, relationship manager at Lloyds Bank, said: “We have been fortunate enough to get to know the senior team at Crabtree of Gateshead over a number of years now, and understand their key business objectives and priorities. Lloyds Bank is a great believer in manufacturing businesses in the UK and it is great to help a strong local business achieve its plans.”