Gateshead's Crabtree secure funding to buy own premises

Metal decorating and coating equipment manufacturers Crabtree has secured funding to buy its current Team Valley premises.

The 60 year-old Gateshead firm has also secured a trade finance facility from Lloyds Bank Commercial Banking, to help expanding sales in the Far East, sales more than doubled between 2010 and 2012.

Crabtree, which employs 165 staff and reported a full year turnover of £19 million in 2013, exports to over 90 countries worldwide.

Last year the firm was listed in the Sunday Times International Track 200, a league table of Britain’s mid-market private companies with the fastest growing international sales.

Stephen McDowell, managing director of Crabtree of Gateshead, said: “The Far East is a key growth area for us and the new funding package ensures we can build on recent successes in the region.

“Lloyds Bank has demonstrated a real interest in our business over a long period and we are looking forward to working with the team.”

Alison Smith, relationship manager at Lloyds Bank, said: “We have been fortunate enough to get to know the senior team at Crabtree of Gateshead over a number of years now, and understand their key business objectives and priorities. Lloyds Bank is a great believer in manufacturing businesses in the UK and it is great to help a strong local business achieve its plans.

“The company is one of a number of ambitious mid-market manufacturers which will play an increasingly important role in supporting the North East and the wider UK’s economic recovery.

“Our expertise and strong network of connections in the lean manufacturing sector will be of real benefit to the company, which is highly innovative and a leader within the industry.”