A leading Nottingham plastics wholesaler is planning to create new jobs after Yorkshire Bank provided a £7.5m funding package to refinance the business.
Bonnington Plastics is one of Europe’s largest importers of affordable gardening, DIY and homeware products. The well-established company began trading 45 years ago, operating out of the back of a village shop in Sutton Bonnington. The business now supplies to major chains, including Aldi, and a number of independent retailers. The wholesaler imports mainly from China and the Far East, with its first overseas office opening in 2008 in Ningbo, China.
The business has undergone significant growth in the last 12 months, with turnover increasing by 20% and UK staff numbers growing from 72 a year ago, to 90 today. With the seven figure funding deal, delivered by Relationship Manager Russell Kilner, the business hopes to keep up the pace, with growth remaining its main focus for the next year.
The refinancing of the company has made additional funds available which Ian Fisher, Managing Director at Bonnington Plastics, intends to invest back into the business by increasing product lines and stock holdings and growing the team.
Ian said: “We’ve experienced an impressive increase in turnover in the last year and with the funding from Yorkshire Bank will be able to continue to grow and diversify. Recruitment will be a major priority for the company.
“Working with the Bank has always been a simple and positive experience, which I contribute partly to our long relationship of 12 years. The team has a deep understanding of our business and always supports our aspirations.”
Carl Dickinson, Head of Yorkshire Bank’s Business and Private Banking Centre in Nottingham, said: “We have supported Bonnington Plastic’s development for more than a decade. It is an innovative business with more than 40 years of experience under its belt and we will continue to help it reach its growth ambitions.
“As economic conditions continue to improve, Yorkshire Bank remains focused on supporting the growth ambitions of Nottingham’s businesses.”