Funding for Lending boosts North East print business
Growth plans are on track for North East business Potts Print (UK), after the firm doubled its capacity using funding from Barclays.
Potts Prints is the first printing business in the UK to become completely carbon balanced, and the firm is an advocate of green practices.
A cash boost from the Government’s Funding for Lending scheme enabled the business to buy a new laminator and saddle stitcher, and also gain cashback of £7,600.
Potts’ financial director, Stephanie Tobin, commented: “It’s great that we’ve been able to implement our long term growth plans with this funding from Barclays.
“The new machinery we’ve invested in will enable us to keep pace with the strong order book we have while maintaining a high level of flexibility, which is something we always take pride in.
“This continued expansion should lead to employment opportunities that will benefit the North East, which is essential for sustaining the economic growth of the region.”
Peter Kirkpatrick, Barclays relationship director, added: “Potts Print (UK) is a fantastic success story in a very challenging operating environment.
“The management’s ambitious growth plans are testament to their success and will ultimately create many new and much needed jobs for the North East.”
The bank said the Funding for Lending scheme has the potential to create one of the most competitive loan markets around, and Barclays indicated that UK banks should offer different cheaper lending options to increase demand and competition.
Barclays also said it will take a pragmatic approach to market changes for the benefit of Funding for Lending customers like Potts Print.