Manufacturer Electrovision wins funding for growth
A FAMILY-owned North West manufacturer is expanding in Wales and eyeing opportunities in Scotland.
St. Helens-based Electrovision Group, a £24m turnover manufacturer and distributor of electrical and medical goods, has secured a £1.2m loan to expand its existing operations in Cardiff.
The funding, which has been agreed with Lloyds Bank Wholesale Banking & Markets team using the National Loan Guarantee Scheme (NLGS), will be used to buy a 53,500 sq ft building in the city.
The NLGS was launched by the HM Treasury on 20 March 2012 and helps businesses access cheaper finance by reducing the cost of bank loans under the scheme by one percentage point.
The property, Primoris House is home to one of the group’s three businesses, Aidapt, which makes healthcare equipment such as personal aids for the elderly and disabled.
The move will allow Aidapt, which has grown by 10% in the last year, to add a distribution function to its existing manufacturing facility.
Electrovision is also exploring options to acquire an additional site in Scotland as it looks to establish a nationwide network of wholly owned premises.
The group comprises two other businesses including Electrovision Limited (EL), based in St Helens, which has been manufacturing and distributing DJ equipment for over 30 years, including leading European brands Soundlab and Altai.
Founder and chief executive Mark Benyon, said: “As a business when you need support to expand it has to be then and there, not in six months’ time.
“The secret to our success over the past 30 years has been making the most of opportunities when they come along and this is exactly what Lloyds Bank have helped us to do once again.”
Tim Rigg, area director for Lloyds Bank Wholesale Banking & Markets for Merseyside, North Wales and west Lancs, said: “The bank has been with Mark and his team for over two decades and we’ve helped to nurture the business as it’s grown from one our SME clients with commercial to be looked after by my team today.”
“With a combined experience of 100 years within the Electrovision Group between them, the senior management team have steered the company on a successful course throughout its history.”
It also owns home and hospital mobility product manufacturer Chiltern Invadex, while Electrovision Group also owns two factories in China where most of its products are made. EL’s major clients include Amazon in both the UK and Germany.
