Sunday, October 25, 2020

International expansion for West Yorks manufacturer following bank cash

A historic Ilkley-headquartered manufacturer is expanding overseas after securing funding from Barclays.

Founded in 1932, Spooner Industries supplies custom designed solutions across several sectors – including food, environmental protection, paper, metals and converting engineering industrial process machinery.

It will use the funding to support its overseas growth which currently accounts for more than 75% of its annual turnover.

“We’ve been in discussion with Barclays for some time and they have been able to provide a package of debt facilities to support our growth plans,” said Stephen Clarke, Group Chief Executive of Spooner Industries.

“With three quarters of our annual turnover coming from international trade, it’s imperative that we have the right funding package that covers both our contractual demands and all of our UK day to day banking needs.

“The change to Barclays provides us with additional funding that gives us the flexibility to tender for even more new overseas contracts and focus on developing new products.”

Jon Lowe, Barclays’ Relationship Director, added; “We have been in dialogue with the management at Spooner Industries for several years with a view to them switching to Barclays, which confirms that good things come to those that wait.

“By working closely with UK Export Finance, Barclays has been able to support Spooner with the next exciting phase in their 88-year history and it is a privilege to be able to bring a company with the reputation of Spooner Industries to Barclays.”

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