A West Yorkshire manufacturer has secured a million-pound funding package from Virgin Money and UK Export Finance (UKEF) to strengthen its production capabilities and increase its customer base.
Photo: Sellers Textile Engineers.
The company, Sellers Textile Engineers, based in Huddersfield, specialises in designing and manufacturing finishing equipment for the carpet industry.
The deal will enable the manufacturer to enhance production and handle larger orders, creating new job opportunities, including positions for design engineers, fitters, and apprentices. The funding includes a UKEF General Export Facility (GEF) loan guarantee, covering 80% of the financing, which helps UK export businesses access working capital and speed up international trade growth.
Ken Gardiner, financial director at Sellers Textile Engineers, explained, 'The machines we sell can take several months to build and cost hundreds of thousands of pounds to complete. As costs increased, our cashflow restrictions meant we could only take on one order at a time. Thanks to the support from Virgin Money and UKEF, we now have more flexibility in our finances, allowing us to increase our customer base and take on multiple orders.'
Virgin Money's Craig Wilson added, 'Sellers Textile Engineers is a great example of how a manufacturing business can succeed and grow despite tough economic conditions.'
The funding package provides essential support, allowing Sellers Textile Engineers to expand its international reach while continuing to deliver high-quality products to customers worldwide.
Source: www.bigfurnituregroup.com