Member Article

Stockport engineering company secures £3.7 million funding

A Stockport-based engineering company FPE Global, has secured £3.7 million funding by moving its banking to Lloyds Bank.

The funding package includes a £2.25m trade finance facility which will provide working capital for FPE Global’s import and export activity and replaces the facilities provided by its previous banking partner.

The company manufactures machinery for dry bulk material handling across a number of sectors including food, aggregates, chemicals and energy.

It has a turnover of £15 million, around half of which comes from export markets, and has seen high levels of overseas sales growth in recent years.

The provision of funding by Lloyds Bank follows NorthEdge Capital taking a majority stake in FPE Global in February 2013, which saw increased investment in marketing activity and infrastructure.

Managing Director of FPE Global, Mark Dixon, said: “Our new relationship with Lloyds Bank supports our growth aims, both internationally and domestic, and builds on the success we’ve enjoyed since working with NorthEdge Capital.

“The trade finance facility gives us the flexibility and security to trade overseas with confidence, whilst the day to day banking arrangements mean we can take advantage of strategic domestic growth opportunities as they arise.”

Relationship Director at Lloyds Bank Commercial Banking, Ryan Sorby, said: “Not only does FPE Global operate in a strong and growing global food sector, but it boasts an experienced, ambitious management team supported by NorthEdge Capital.

“It has a trusted reputation for providing expertise in its sector, as well as physical equipment, and this sets it apart from its competitors.

“FPE Global is ideally placed to capitalise on the burgeoning food market, and we look forward to supporting the next stage of its growth plan.”

This was posted in Bdaily's Members' News section by Sophia Taha .