Lloyds Bank Asset Finance has entered into a £990,000 investment with Leicestershire based vitamin manufacturer Lifeplan Products.
The investment has been jointly funded by Lloyds Bank Asset Finance and the Midland Engine Investment Fund (MEIF) Debt Finance, managed by Maven Capital Partners.
Founded in 1983, Lifeplan Products’ manufacturing facility has seen a major overhaul with nine new machines having being installed with the aim of boosting turnover and productivity by 50%.
The £990,000 investment will mean the production process is more streamlined, allowing for maximum manufacturing flow. The expansion project is expected to last for ten months.
Jackie Robinson, managing director of Lifeplan Products, said: “It’s a very exciting time for us at Lifeplan as we continue to grow the business and this significant investment project is the biggest in Lifeplan’s 35-year history.
“We are very proud that we manufacture on site in Lutterworth and with such a sizeable investment we will be able to substantially increase both our productivity and profitability. As we increase our capability we will be taking on more staff, supporting the local economy, something which we are extremely passionate about.
“There is a bright future ahead for Lifeplan as we continue to prosper and innovate, providing the very best vitamins, minerals and botanical supplements, helping people around the world enjoy a healthy balanced lifestyle.”
The newly expanded manufacturing facility will be opened on September 5 by South Leicestershire MP Alberto Costa.
Last month Lloyds Bank Commercial Banking appointed an invoice finance director from within the company. Reporting to the company’s flagship office in Birmingham, from August onwards Richard Ford takes up the role from his previous position as a relationship director.
As well as his position as relationship director, Ford has been a director of business development at Lloyds since 1989. He was also a senior director for commercial banking at Lloyds TSB commercial from 2007-2013, and corporate director for business development in the Black Country, Staffordshire and Stoke on Trent from 1999-2007.