Six-figure loan will fund precision engineering group’s sustained growth
A £30m-turnover Southport precision engineering group is set for expansion after receiving a six-figure loan from NPIF-FW Capital Debt Finance, which is managed by FW Capital and part of the Northern Powerhouse Investment Fund.
Lattimer Group said the support will strengthen its position as a specialist in the design and manufacture of branded component parts for the glass container manufacturing industry.
The group, which was formed more than 30 years ago, already boasts an on-site training academy and access to the latest CNC machine technology and facilities. It has also recently expanded the business further with the acquisition of Hartmann & Bender, extending Lattimer Group’s presence to Germany.
Carl Stead, Lattimer Group finance director, said: “Today Lattimer Group is a £30m business, employing 220 people based across three separate countries. We operate in a very niche industry and doubled the size of the business in the last two years with our recent acquisition of Hartmann & Bender.
“The funding from NPIF and FW Capital is helping us to invest in the future of the business as we move forward following this significant period of growth, giving us the working capital we need.”
He said the financial support has come at a time “when many banks didn’t want to know”.
Andy Traynor, senior investment executive at FW Capital, said: “This is a great opportunity to support a long standing business within the NPIF region. The glass precision engineering sector demands innovation and excellence, so we’re delighted to help Lattimer Group access the working capital to invest further in their business and support this accelerated growth.”
Debbie Sorby, senior manager at the British Business Bank, said: “It is an exciting time for Lattimer Group, with the funding from NPIF marking a pivotal moment in the company’s journey towards expansion and excellence.
“The glass precision engineering sector is one that thrives on innovation and unwavering commitment to quality, and Lattimer Group’s dedication to maintaining these standards is unrivalled. It’s heartening to see businesses like Lattimer Group making strides in the North, and we are proud to be a part of the journey as the business continues to expand internationally.”
FW Capital was introduced to Lattimer Group by Gerard Lucas from Daresbury-based Dow Schofield Watts Corporate Finance.
