West Yorkshire manufacturer set for overseas growth with new Barclays funding
A West Yorkshire firm that has been operating for almost 90 years has secured funding from Barclays to support its continued international growth.
Spooner Industries Limited, which was founded in 1932, has secured the funding from its new bank in order to build on its overseas expansion.
The business specialises in custom designed solutions across sectors including food, environmental protection, paper, metals and converting engineering industrial process machinery such as tunnel ovens, air flotation dryers, coolers, provers, air turns, thermal oxidizers, solvent recovery systems and heat recovery equipment.
Stephen Clarke, group chief executive of Spooner Industries Limited, commented: “We’ve been in discussion with Barclays for some time and they have been able to provide a package of debt facilities to support our growth plans.
“With three quarters of our annual turnover coming from international trade, it’s imperative that we have the right funding package that covers both our contractual demands and all of our UK day to day banking needs.
“The change to Barclays provides us with additional funding that gives us the flexibility to tender for even more new overseas contracts and focus on developing new products.”
Jon Lowe, Barclays relationship director, added; “We have been in dialogue with the management at Spooner Industries for several years with a view to them switching to Barclays, which confirms that good things come to those that wait”.
“By working closely with UK Export Finance, Barclays has been able to support Spooner with the next exciting phase in their 88-year history and it is a privilege to be able to bring a company with the reputation of Spooner Industries to Barclays.”
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