Turtle Wax gets £1.6m for expansion plans

TURTLE Wax, the Skelmersdale-based car polish manufacturer, has secured a new £1.6m working capital facility from The Royal Bank of Scotland to expand its operations.

The £10m turnover company plans to use the funding to develop its export sales market, as well as to expand its presence in the professional car wash sector.

The company employs 80 staff at its 55,000 sq ft Skelmesdale base, which is home to its international manufacturing, distribution, research and product development operations. 

Tim Brunt, vice president of finance at Turtle Wax, said: “We already export to over 50 countries and are confident that we can increase the range of products that we sell in these countries and expand into emerging markets. 

“As we grow our operations it is essential that we have a robust funding structure in place to absorb any additional overheads.  This working capital facility is a good solution and meets our needs.” 

The RBS Corporate Banking in Manchester team provided the funding to Turtle Wax.

Relationship director Sam Reynolds said: “Turtle Wax benefits from a strong brand identity and an experienced management team that have a good understanding of international markets. We are very happy to support their plans and look forward to watching the company’s continued success.”