Lloyds Bank has provided a £1.85 million finance package to lighting manufacturer Orbik Electronics to facilitate the firm’s growth and help it meet increased demand for its emergency lighting equipment.
Aldridge-based Orbik produces emergency lighting control equipment for use by lighting companies across Europe and the Middle East.
The Wolverhampton office of Lloyds Bank Commercial Banking provided £350,000 of funding to the business, in order to help drive its ongoing operation and the future expansion of its 45,000 sq ft manufacturing plant on Northgate Way.
The company also secured a £1.5 million invoice discounting facility from Lloyds Bank Commercial Finance to generate cashflow to meet increased overseas demand for its products, which include emergency control gear for fluorescent lamps and LED light sources.
The facilities provided by Lloyds will also enable the business to invest in training for sales staff and to pursue new business opportunities, whilst working towards its ambitions to increase its client base in the UK.
Established in 1982, Orbik has an annual turnover of around £10 million and employs over 130 people at its head office in Aldridge, with export sales operations in Asia, Africa and the Middle East.
Philip Elwell, managing director of Orbik Electronics, said: “Our business has grown considerably in recent years and we have developed an extensive client base internationally as a result of the growing demand for high quality emergency lighting systems overseas.
“Lloyds Bank has worked closely with us to support our ongoing expansion, understanding our business model and development strategy, and this funding will enable us to meet our growing customer demand, whilst providing us with the working capital to pursue new business opportunities here in the UK.”
Claire Carr, client manager at Lloyds Bank Commercial Finance who worked with regional manager Malcolm Clay on the deal, said: “Orbik Electronics is an innovative local manufacturing business with a management team that has the drive to succeed and create long-term success for the firm.”