UK company expands thanks to loan

A Devon-based manufacturer has added a new thermoforming machine to its manufacturing capacity to meet product demand.

British Falcon Plastics was able to invest in the new machine, which cost £350,000, thanks to support from Lloyds TSB Commercial Finance.

The business, established in 1989, produces vacuum formed plastic packaging for UK retailers, food suppliers and pharmaceutical manufacturers.

To fund the purchase of the new machine, which is the company’s fourth and allows it full control over all stages of development and production, managing director David Newton approached Lloyds TSB Commercial Finance for a hire purchase facility.

The company currently employs 27 people and plans to take on more staff to cope with increased production output.

David Newton, MD of British Falcon Plastics, said: “My company has experienced a large amount of organic growth over the last year and I wanted to expand our services so we could cope with increased demand. The new machine is more efficient and increases our capacity. It will allow us to increase profits and invest back into the business.

“Lloyds TSB Commercial Finance has been very helpful in its approach to my business needs and having a client manager who is there to answer any questions has been very useful.”

The company acts in an environmentally sound manner to benefit its customers, the local community and surrounding environment. It considers the impact from raw materials through to the finished goods and waste management.

Richard Stevenson, field manager at Lloyds TSB Commercial Finance, said: “It has been a pleasure to see British Falcon Plastics continue to grow and we are delighted to support them once more on their journey. They have an excellent customer base, which continues to grow. This is down to David and his team’s hard work and passion to maintain a great standard of manufacturing.

“The new machine will assist in the enhanced capacity that they need to support the growth they are seeing.”

Lloyds Bank says it has lent £700million to manufacturing firms across the UK through its £1billion Manufacturing Commitment.

British Falcon Plastics has also secured funding through Lloyds TSB Commercial Banking.

Patrick Jenkins, relationship manager at Lloyds TSB Commercial Banking, said: "It is excellent that we have been able to provide integrated support for David and British Falcon Plastics. The new machine is increasing productivity and it is great to see David using this opportunity for the company in what other firms may consider difficult times. I wish British Falcon Plastics much success for the future.”