A Gloucestershire engineering firm is set to increase trade with the Middle East, with the support of a seven-figure funding package from Lloyds Bank Commercial Banking and UK Export Finance (UKEF).
Alderley Group, based in Wickwar, designs and manufactures bespoke engineering products for leading firms in the oil and gas industry.
After securing a new contract with Saudi Aramco, one of the world’s largest oil and gas companies, Lloyds Bank Commercial Banking and UK Export Finance supplied a $16 million trade finance facility, which will provide the firm with the additional working capital needed to further invest in opportunities in the region and help deliver the project successfully.
The funding package supplied by Lloyds Bank will also allow the firm to invest in its wider expansion strategy, helping to drive growth across the globe. As a result, the business expects its turnover to increase by 35 per cent in the next 12 months.
The Alderley Group was established by Tony Shepherd in 1989. Originally based in a single workshop in Wickwar, the business now has six facilities across the globe that employs 385 people.
Mark Colebrook, CEO at Alderley Group, said: “The Middle East is one of our key growth areas and we recognised that we significantly needed to boost our offering in this region to ensure that we could meet rising demand.
“Assisted by the funding from Lloyds Bank and UKEF, we will continue to invest in our technologies and expand our range of products and services to best support our customers.
“We’ve worked with the team at Lloyds Bank for a number of years, and they have a strong understanding of our business and our requirements.
“This in-depth knowledge meant they were able to provide a funding package that exactly suited our needs, providing us with flexibility and support needed to expand with confidence.”
Will Kite, relationship manager at Lloyds Bank Commercial Banking, said: “Alderley is an ambitious company that has grown to be one of the leading businesses in its sector.
“Its international success is testament to the determination and drive of the management team, and the new funding package will help the firm to boost its offering in key growth areas.
“Trade finance facilities are perfect for businesses that are looking to increase exports, helping companies across Britain to prosper by ensuring that they have the security needed to trade confidently overseas.”