JLA, the Ripponden-based commercial laundry equipment provider, has secured a £12.5m funding package from Lloyds Bank Corporate Markets. JLA said the funding will enable it to drive growth and diversify into new markets.
The finance includes a £7.5m facility for capital expenditure, which is specifically aimed at helping the business continue its positive growth.
JLA’s core markets are long-term rental and servicing of laundry machines as well as sales of machines and parts to the SME market.
The business is now expected to drive growth in new markets such as facilities management.
A further £5m working capital facility is also in place and JLA has chosen to move to Lloyds Banking Group for all its core business banking services.
David Hunt, relationship director at Lloyds Bank Corporate Markets in Sheffield, said: “JLA has been able to differentiate itself in a competitive market and this latest round of finance will drive its growth in existing markets as well as enable management to look at new opportunities. "