Lloyds lights up prospects for Orbik Electronics
AN Aldridge lighting manufacturer has secured a £1.85m finance package to support its ongoing growth.
Orbik Electronics manufactures emergency lighting control equipment for use by major lighting companies across Europe and the Middle East.
The Wolverhampton office of Lloyds Bank Commercial Banking has provided £350,000 of the funding, which will help towards the expansion of its 45,000sq ft factory in Northgate Way.
The company also secured a £1.5m invoice discounting facility from Lloyds Bank Commercial Finance to generate cashflow to meet increased overseas demand for its products, which include emergency control gear for fluorescent lamps and LED light sources.
The facilities will also enable the business to invest in training for its sales staff and to pursue new business opportunities, whilst working towards its ambitions to increase its client base in the UK.
Established in 1982, Orbik has an annual turnover of circa £10m and employs over 130 people. It also has export sales operations in Asia, Africa and the Middle East.
Philip Elwell, managing director of Orbik Electronics, said: “Our business has grown considerably in recent years and we have developed an extensive client base internationally as a result of the growing demand for high quality emergency lighting systems overseas.
“Lloyds Bank has worked closely with us to support our ongoing expansion, understanding our business model and development strategy, and this funding will enable us to meet our growing customer demand, whilst providing us with the working capital to pursue new business opportunities here in the UK.”
Ian Harris, relationship manager at Lloyds Bank Commercial Banking in Wolverhampton, said: “Orbik Electronics is a well-established specialist lighting manufacturer business, providing high quality manufactured products and solutions for its vast client base.”
Claire Carr, client manager at Lloyds Bank Commercial Finance who worked with regional manager Malcolm Clay on the deal, said: “Orbik Electronics is an innovative local manufacturing business with a management team that has the drive to succeed and create long-term success for the firm.”
