New bank deal as Allied Textiles looks to grow
Allied Textiles, which has operations in Ashbourne, has switched its banking to Lloyds Bank Corporate Markets as it looks to drive its expansion plans.
The company said it intended to build on acquisitions made in recent years through investment in its plant and equipment.
Currently employing about 300 staff, Allied Textiles makes fabric for products ranging from parachutes to butchers' aprons. The group is made up by five specialised businesses each focused on manufacturing for their own markets.
The business, which has facilities in the textile heartlands of Yorkshire, Derbyshire and Lancashire, recently opened its refurbished factory in the Rossendale valley in the North West, taking on 40 staff in the process, expanding its manufacturing facilities for specialist coated products.
"Rossendale valley is a real jewel in our crown," said chief executive Stewart McGuffie.
"We have had a tough few years like many businesses but we have taken this as an opportunity to get ourselves in good shape for the future, investing in the business and making sure we are concentrating on what we do best."
From Mid-November, Allied Textiles has been backed by Lloyds Banking Group's Leeds office, having been with their previous banking partner for more than 100 years.
Lloyds Bank Corporate Markets was advised by law firm Gordons.
