Cider maker presses ahead with growth after new funding deal
A WEST Midlands cider company is targeting growth with plans to invest in new plant and machinery.
Aston Manor Cider Company, based in Birmingham, specialises in the manufacture of apple and other fruit ciders. It also has facilities in Tiverton, Devon and the Malvern Hills.
Founded in 1983, the family-owned business is the largest independently owned cider producer in the UK, and the third largest overall.
The firm has recently raised its profile with a major sponsorship agreement with the Rugby Football League.
It is now looking to invest in new plant and machinery to allow it to increase its production capacity and efficiency. This comes after a recent £10m investment in the Tiverton site in order to increase production to around four million pints a week.
In order to facilitate this investment and expansion, Aston Manor has secured a full asset based lending option, including hire purchase facilities, from Lloyds TSB Commercial Finance.
The company is also a long-standing customer of Lloyds Bank Commercial Banking and has been since formed. The bank has provided on-going banking facilities to the company, led by Colmore Row’s Relationship Director Richard Smith.
Gordon Johncox, managing director of Aston Manor Cider Company, said: “We have identified some key growth opportunities for 2013 which will require some investment in our operational capacity, but we are making sure that our growth is always sustainable and controlled.”
James Ellis, finance director at the business, added: “The asset based funding from Lloyds TSB Commercial Finance means that as our business grows, the inevitable requirement for further working capital is met. We see this as a very elegant solution to working capital squeeze, which is a classic problem for rapidly growing businesses.
“This gives us a great platform on which to build our future expansion. We have also benefitted from a long, well established relationship with Lloyds Bank Commercial Banking which has shown it really understands our business.”
Nigel Roberts, Client Manager for Lloyds TSB Commercial Finance, said: “The progress of Aston Manor to become a major force in the UK cider market is testament to the hard work of the management team.
“The investment planned by the firm for 2013 will place it in good stead to grow further in the future, and by utilising asset based lending the business can implement these plans without putting undue strain on its cashflow.”
Richard Smith, Relationship Director at Lloyds Bank Commercial Banking in Birmingham, said: “Aston Manor is a well-established mid-market business that is demonstrating solid organic and new business growth. As a long-standing customer of Lloyds Bank Commercial Banking, we remain committed to working with them to provide the backing they need to drive growth and development.”
