Yorkshire Bank has helped finance a Radcliffe-based manufacturer of moulded plastic products £200,000 investment in new machinery as part of its expansion plans.
The bank’s Financial Solutions Centre in Bolton provided asset finance for Champion Mouldings Ltd’s acquisition of a brand new 700 Tonne Injection Moulding Machine and ancillary robotic equipment.
Champion Mouldings, based on Eton Hill Industrial Estate, has invested more than £1.8 million on machinery over the last four years and is looking to spend a further £500,000 on equipment this year to target new markets.
Andrew Mason, managing director, said: “We set out to supply a wide range of sectors by running an efficient business and keeping our manufacturing process as lean as possible. This new machinery will not only help to increase capacity but also tap into new areas, such as in-mould labelling and the production of bigger toys.
“We can also deliver products to clients within three days and that’s how we are winning business ahead of competitors in the Far East, who simply can’t match our fast turnaround times. Our aim now is to build on our success and continue our expansion.”
Champion Mouldings supplies moulded plastic products to blue chip businesses in the automotive, packaging, toy and medical sectors. It was founded by managing director, Andrew Mason, in 2005 and since then has achieved 24 per cent year on year growth and is on target to hit £3.4 million turnover in 2009.
Today the company employs 34 staff and manufactures more than four million parts a month, which are exported around the world to countries including Australia, Germany, France, Italy and USA.
Yorkshire Bank partners Paul Swanick and April Warburton have worked with Champion Mouldings since it started and helped provide asset finance for the latest investment.
Paul Swanick added: “Yorkshire Bank was more than happy to support this well managed and established business. The company is literally breaking the mould by continuing to grow, break into new markets and winning work ahead of global competition.
“This demonstrates Yorkshire Bank’s focus on local businesses and our commitment and ability to provide funding requisite to our members’ needs.”