Brayford bags funding package
Brayford Plastics has agreed new funding lines with NatWest and asset finance provider Lombard to modify the manufacturer's Dunholme premises.
Lincoln-based Brayford, which produces resealable polythene and polypropylene bags, said it will invest in new machinery and expand its site with the funding.
The company has purchased a second wicketted bag machine to manufacture its products, predominately used in the frozen food, bakery and fresh produce markets.
NatWest originally backed the acquisition of Brayford by current owners Brian and Janet Parr in 2006.
Andrew Riley, chief executive of Brayford, said: "This continues the company policy since Brian and Janet bought the business of removing old equipment and investing in the latest technology available to gain competitive advantage and place us at the forefront of the industry in terms of innovation, productivity and product quality.
"This latest investment programme brings the total amount invested at the site since 2006 to more than £4.75m."
Funding packages were arranged through the company's relationship manager at NatWest, David Greenough.
He said: "This level of investment is a key statement of intent for the plans the directors have for the business over the next few years. It is also evidence that local firms are willing to invest post recession in growth objectives."
