Widney in working capital boost
Widney Manufacturing has obtained £200,000 of additional finance from Lloyds TSB Commercial Finance after securing a £1.6m working capital facility from the bank.
The Birmingham-based company was given access to a £200,000 hire purchase facility to support its expansion within the UK and internationally.
Widney underwent a management buyout six months ago when it required funding from Lloyds totalling £1.6m to bridge the gap between settling its own bills and receiving payment from its customers.
The manufacturer, which has been based on Plume Street since 1970, employs 130 people and produces a range of vehicle windows, sun blinds and telescopic slides.
Its products are used in devices including off-road construction vehicles, ATMs and aeroplane seating. Customers include Staffordshire-based digger manufacturer JCB and car giant Volvo.
The £200,000 hire purchase enables will allow Widney to buy equipment and vehicles upfront.
Matt Devers, financial director at Widney Manufacturing, said: "We have worked hard to remain true to Widney’s rich heritage and this funding from Lloyds TSB Commercial Finance will ensure we can continue to lead the market both at home and abroad, with freed-up working capital to invest in new products and expand into new countries.
"While the market in the UK remains volatile we are keen to expand our export offering, with our products increasingly being shipped to India and Asia."
Widney currently has a £10m turnover, 65 per cent of which is made up from export sales. It ships products to 30 countries globally, including much of Europe, China and the USA.
