RBS leasing arm Lombard has played a part in the provision of £2.5 million (€2.8 million) of Enterprise finance Guarantee (EFG) funding to polystyrene foam manufacturer Moulded Foams.
In another demonstration that the UK’s biggest lessor has turned its focus squarely on RBS group customers, Lombard has transacted the deal in conjunction with NatWest, with which Moulded Foams had an account.
According to a statement, the new facilities will “provide working capital to enable the company to reduce overheads through better purchasing power and dovetailing repayments to meet future cash flows.”
As part of the EFG scheme, the government will guarantee some 75 percent of the lending. Moulded Foams manufactures expanded polystyrene and expanded polypropylene foams at three sites in Tonypandy, Scunthorpe and Cumbernauld. The company has grown annually, and acquired a subsidiary of packaging producer Linpac in 2007.