Manufacturer secures backing for international expansion plans
West Yorkshire based Spooner Industries Limited has received funding from Barclays to support its continued overseas growth.
Established in 1932, the Ilkley headquartered business is a supplier of custom designed solutions across a number of sectors including food, environmental protection, paper, metals and converting engineering industrial process machinery. It will use the new package of funding to support its overseas growth which currently accounts for more than 75 per cent of its annual turnover.
Stephen Clarke, group chief executive, Spooner Industries Limited, said: “We’ve been in discussion with Barclays for some time and they have been able to provide a package of debt facilities to support our growth plans.
“With three quarters of our annual turnover coming from international trade, it’s imperative that we have the right funding package that covers both our contractual demands and all of our UK day to day banking needs.
“The change to Barclays provides us with additional funding that gives us the flexibility to tender for even more new overseas contracts and focus on developing new products.
“We looked for a bank with a team based locally, who had the experience of complex international contracts and who had the appetite to meet our ambitions. I am pleased to say that Barclays meets all of our requirements”
Spooner Industries Limited employs over 150 staff in Ilkley and turnover for the current year is expected to exceed £22m.
Jon Lowe, Barclays relationship director said: “We have been in dialogue with the management at Spooner Industries for several years with a view to them switching to Barclays, which confirms that good things come to those that wait.
“By working closely with UK Export Finance, Barclays has been able to support Spooner with the next exciting phase in their 88-year history and it is a privilege to be able to bring a company with the reputation of Spooner Industries to Barclays.”