Funding package will fuel growth says Shropshire business
The chairman of Shrewsbury based businesses Morris Lubricants and Morris Leisure says a £6.5 million funding package from Lloyds Bank Commercial Banking will assist the continued growth and expansion of the two successful family-run businesses.
Paterson Enterprises, the parent Company of Morris Lubricants and Morris Leisure, employs 140 people. The company reported annual turnover of £50 million for the financial year ended August 2012 and is optimistic about future growth.
Gareth Jones, chairman of Paterson Enterprises, revealed that Morris Lubricants has grown exports by 30 per cent in the last year and is on track for similar growth in 2013.
Morris Leisure, he added, has increased its caravan parks from two to five across Shropshire and Snowdonia in the past eight years and continues to grow.
“The company is doing extremely well and this additional funding package from Lloyds Bank further strengthens our medium-term financial position and provides us with additional flexibility and capacity for growth,” he said. “Growth brings the potential for job creation.
“We have invested £20 million into our business in the last eight years to modernise, improve efficiency and productivity and move forward into export markets.”
The lending by the Birmingham office of Lloyds Bank Commercial Banking has been provided from the Government-backed Funding for Lending Scheme (FLS), which enables businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment.
Morris Lubricants is the UK's leading independent supplier and manufacturer of specialist oil based lubricants and associated products that are used across a variety of industry sectors, including automotive, agriculture and industrial.
The company has recently installed a brand new state-of-the-art filling line at its Shrewsbury-based oil works and increased its fleet of hi-tech delivery vehicles.
