Specialist Bradford manufacturer agrees multi-million pound bank facility

SPECIALIST manufacturer Astracast has secured a “multi-million pound” lending facility from Secure Trust Bank Commercial Finance.

The asset-based lending facility from Secure Trust will be used to develop new ranges of sink and bath products as it aims to expand further into its existing markets.

Astracast, founded in Bradford in 1984, manufactures kitchen sinks, taps and acrylic baths.

It employs 200 people and has a turnover of £40m, supplying distributors and DIY retailers in more than 40 countries.

Astracast was acquired by private investment company HLD Group in December 2012 before merging with acrylic bath manufacturer Reva Industries in 2013.

Demis Ohandjanian, chief executive of the HLD Group, the parent company of Astracast, said:
“The team at Secure Trust Bank, led by John Bevan, demonstrated an excellent understanding of the business plan and the opinions of the management team.

“They have a unique proposition in terms of their approach, and as such I would strongly recommend them to other SMEs searching for a financial partner to match their aspirations.”

David Parsons, regional director, South and Midlands at Secure Trust Bank Commercial Finance, said: “Astracast has a long and illustrious past, and has been responsible for many of the major changes in the bathroom market over the past three decades. This has enabled the business to attract some of the largest retail and distributor clients and expand both domestically and internationally, opening a warehousing facility in the US.”