A Lancashire plastics engineering firm is set to launch a series of new products thanks to a £2m refinancing deal to support investment.
Freckleton-based Polytank Group turned to Vincents Solicitors to help secure the restructured loan with Barclays within a tight timescale.
The move saw Polytank move to Barclays from NatWest, with all legal arrangements made in just five weeks.
The move has slashed the firm’s monthly repayments, allowing for investment in new equipment to support its expanding product range.
Gary Fidler, Polytank Group managing director, said: “We are in a growing market with sustainability and home storage high on people’s agenda, and had a number of new product lines ready for development. We were looking for a new arrangement that would give us more freedom to invest in the business.
“As most of our assets are held in land, buildings and equipment, we needed working capital and looked for a refinance arrangement that would support our ambitions.
“We got so far on our own but when we needed legal advice we were looking for someone to see us through within five weeks, in order to help us avoid some charges that were coming on our existing accounts and get the funds going back into the business quickly.
“Some solicitors were talking about two to three months but Mark was confident he could turn it around within our timescale, and he did. “
Polytank is a plastics moulding company with a £4.6m turnover which employs 38 people on its 20 acre site and makes a range of commercial and consumer products. It is launching its new range of rattan-inspired and timber-effect water butts at the 2013 GLEE (garden and leisure) exhibition in Birmingham this month.
The new product development comes in response to consumer demand for water harvesting tanks which are in-keeping with the rest of their garden furniture.
Additional product lines, including ancillary fixtures and fittings for the growing water storage market, will also receive added investment in the coming year.
Mark Alexander from Preston-based Vincents Solicitors, said: “It’s great to see the bank recognising the benefits of supporting a business which is hungry for growth with a finance package which enables them to invest. We were pleased to be able to provide the service required within the tight timescale.”