MSH Chemical Manufacturing fulfils growth ambitions with Lloyds Bank's backing
12th January 2015
MSH Chemical Manufacturing, a Dudley manufacturer of cleaning chemicals, has purchased new premises and expanded with bank backing.
The firm benefited from a £560,000 funding package from Lloyds Bank and its growth will see the creation of seven new jobs.
MSH produces cleaning chemicals for commercial use, supplying to businesses in a range of industries including hospitals, schools, catering and food processing companies, contract cleaners, engineers and DIY merchants.
The business had outgrown its existing facility on Oak Lane in Kingswinford and identified a 14,000 sq ft vacant premises on Shaw Road in Dudley, which had the space to accommodate its expansion to cope with increased demand.
It approached Lloyds Bank Commercial Banking, which provided a £400,000 loan to support the purchase of the premises under the Funding for Lending Scheme.
Additional funding of £105,000 was granted through the Regional Growth Fund.
Following the purchase, the business developed the premises into a manufacturing facility, with additional warehouse space to allow it to purchase in bulk, as well as erecting a two-storey office block.
The premises also backs onto an additional acre of land, which provides the business with space to expand its facility in the future.
The bank's commercial finance team also provided a £60,000 asset finance facility to fund the purchase of two new vehicles.
Rajesh Naik, director of MSH Chemical Manufacturing, said: "We had simply outgrown our existing premises and, in order to expand our production capabilities, we needed a larger building that had the potential to accommodate our future growth plans.
"The funding package from Lloyds Bank has been instrumental in allowing us to do this and the extension of our fleet has enabled us to provide our customers with an even more efficient service."
"We now look forward to the future, where we are planning to diversify our product lines and add powder blending products to our portfolio."
Rob Taylor, relationship manager at Lloyds Bank Commercial Banking, said: "MSH Chemical Manufacturing is a successful company with a solid business strategy and ambitious plans for growth.
"The move to a larger premises marks an important milestone for the business, allowing it to increase its distribution capabilities, and the creation of seven new jobs is positive news for the local economy."
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