Bank backs Merchant refinance

Published:  19 October, 2009

HEREFORDSHIRE: Pontrilas Group secured an £8.3m refinancing package from Lloyds TSB this year.

Darren Baker of Lloyds TSB said: "For all the talk of green shoots, there is no doubt that many businesses in the industry and right across Britain still face some turbulent times. But banks are willing to write cheques in tough times as well as good, and there are still opportunities for ambitious, well-run firms.

Pontrilas Group secured an £8.3m refinancing package from Lloyds TSB earlier this year to enable the company to invest in its two trading subsidiaries, Pontrilas Timber & Builders Merchants and Pontrilas Group Packaging.

Pontrilas Group is a £26m-turnover, family-run business providing timber and timber-based products for new-build projects, repair and renovation, as well as the manufacturing and distribution sectors.

To support Pontrilas' investment plans, Lloyds TSB Corporate Markets provided £1.8m of facilities and worked alongside its asset-based lending division, Lloyds TSB Commercial Finance, which provided a £6.5m funding package.

The loans will allow Pontrilas to expand, develop new markets and continue to invest in the renovation sector, which is now worth around £4bn and represents almost half of the total building work carried out in the UK.

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