Lombard has provided funding for a
160-year-old Merseyside manufacturing business to help the company
boost production.
Lombard provided a £190,000 finance package to
Advanced Electrical Varnishes (AEV) as part of a £300,000
investment by the company to boost its production
capacity.
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AEV, which began as Joseph Kemp & Co in
1849, also received £44,000 from Wirral Council’s Think Big
Investment Fund as part of its development.
The company, which manufactures electrical
varnishes and resins, installed a new production line at its
Birkenhead factory that will increase capacity by 2,400 tonnes a
year.
AEV’s directors hope the investment will
increase the family company’s turnover from £4.7m to £8m over the
next few years.
Jonathan Kemp, AEV’s managing director, said:
“This new investment significantly increases our manufacturing
capacity and improves the overall efficiency of our production
process.”
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By GlobalDataKemp added the capacity increase would make a
major difference to growth prospects in the UK and overseas for the
business which has production facilities in Spain and Malaysia.
The investment deal was announced in the same
week two conflicting reports into the health of the UK
manufacturing industry were published.
The EEF/BDO Manufacturing Outlook report said more manufacturers
saw a rise in output and an increase in orders while the purchasing
managers’ index (PMI) for August revealed a 26-month low just days
earlier.
Andrew Thrower, relationship manager for
Lombard, said: “AEV is a great example of a UK manufacturing
business which continues to grow its operations on a global
scale.”
