WORCESTERSHIRE high performance gearbox designer and manufacturer Allen Gears has agreed a multi-million pound trade finance deal with Lloyds TSB corporate markets team in the West Midlands.
The company, which is based in Pershore near Worcester and specialises in gearboxes for the industrial and marine sectors, will benefit from a bank guarantee facility which Lloyds said would give the business space to grow and develop.
Paul Cartwright, financial director and co-owner of Allen Gears, said: “We have come to know our team from Lloyds TSB well over the past couple of years.
“They understand our goals and suggested this tailored trade finance package which really suits the international nature of our business.
“It gives us the footing we need to keep moving the business forward.”
Established in 1948, Allen Gears has been based in Pershore since 1956 and was acquired by Rolls Royce in 1989.
Twenty years later the directors of Allen Gears launched a management buy-out from Rolls-Royce, appointing Lloyds TSB corporate markets as the company’s clearing bank.
Darren Baker, relationship director with Lloyds TSB corporate markets, added: “Allen Gears has grown over its 50-year history to become a leading specialist in its field.
“The strong management team is ambitious and we are pleased to be supporting them with this deal.
“Working closely with Terry Richardson, regional trade director, a package was developed to match Allen Gear’s specific current needs but the flexibility of the facility should also meet its future requirement too.”
Picture from left: Darren Baker of Lloyds TSB, Allen Gears co-owner Paul Cartwright and Lloyds TSB’s regional trade director Terry Richardson.
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