New products for Polytank after £2m refinance

A LANCASHIRE plastics firm is planning to launch a series of new products after completing a £2m refinancing deal.

Polytank Group, based at Freckleton near Preston, has switched from NatWest to Barclays in a deal that was completed in five weeks by lawyers at Vincents in the town.

The business employs 38 staff and specialises in commercial and domestic water butts.

Managing director Gary Fidler said: “We are in a growing market with sustainability and home storage high on people’s agenda, and had a number of new product lines ready for development.

“We were looking for a new arrangement that would give us more freedom to invest in the business. As most of our assets are held in land, buildings and equipment, we needed working capital and looked for a bank and a refinance arrangement that would support our ambitions. We had two offers on the table and went with Barclays which offered the best deal.”
 
“We got so far on our own but when we needed legal advice we were looking for someone to see us through within five weeks, in order to help us avoid some charges that were coming on our existing accounts and get the funds going back into the business quickly. Some solicitors were talking about two to three months but Mark was confident he could turn it around within our timescale, and he did. Thanks to this we can invest in all areas of the business, the trade, tanks and consumer sides, to respond to the improving market.”