Bradford manufacturer Astracast to expand range through asset finance
Yorkshire manufacturer Astracast has signed up for a multi-million pound asset-based lending facility to expand its range and unlock growth.
The Bradford-headquartered firm secured the facility with the commercial finance arm of Midlands-based Secure Trust Bank, and now plans to introduce a new range of bath and sink products to expand in its existing markets.
Demis Ohandjanian, the CEO of Astracast’s parent company HLD Group, said: “The team at Secure Trust Bank, led by John Bevan, demonstrated an excellent understanding of the business plan and the opinions of the management team.
“They have a unique proposition in terms of their approach, and as such I would strongly recommend them to other SMEs searching for a financial partner to match their aspirations.”
Established in 1984, Astracast manufactures products such as acrylic baths and kitchen sinks and has a turnover of around £40m. From its base on Roydsdale Way, the firm employs more than 200 people.
Secure Trust Bank Commercial Finance’s regional director for the South and Midlands, David Parsons, commented: “Astracast has a long and illustrious past, and has been responsible for many of the major changes in the bathroom market over the past three decades.
“This has enabled the business to attract some of the largest retail and distributor clients and expand both domestically and internationally, opening a warehousing facility in the US.”
He added: “We are extremely pleased to be able to provide Astracast with a full asset-based lending package, securing the company the new stock, plant and machinery it needs to ensure it continues with its expansion and product innovation plans.”
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