A specialist manufacturer of aluminium coils for the food, pharmaceutical and printing industries has secured a new £62 million finance package from the Birmingham office of Lloyds Bank.

Bridgnorth Aluminium will use the new capital to increase the capacity of its south Shropshire plant to circa 150,000 tonnes per year.

It will also make a significant contribution in helping to drive the firm's future growth ambitions with new machinery set to be operational by the end of 2015 at its 60-acre site.

The finance package comprises a £45million asset-based lending facility from Lloyds Bank Commercial Finance and £17million worth of term funding from Lloyds Bank Commercial Banking.

Bridgnorth Aluminium is the only business in the UK, and one of just three in Europe, with the capability to manufacture aluminium for lithographic plates.

It has specialist experience in hot and cold aluminium rolling, levelling and finishing, and a growing customer base in overseas markets, particularly across Europe and North America and works with firms such as Agfa, Fujifilm and Kodak.

It was founded in 2001 and now employs 300 staff with annual turnover of £175 million.

Managing director Simon MacVicker said: "Our business has grown considerably in recent years and we needed to expand our existing manufacturing operations in Shropshire.

"This investment in manufacturing plant meets our current needs and provides us with plenty of capacity to grow our operations in the future, particularly in export markets in North America."

Murray Stewart, relationship director at Lloyds Bank Commercial Banking in Birmingham, added: "The investment in Bridgnorth Aluminium's existing manufacturing capabilities will have a hugely positive effect on the business and its future ambitions.

"It is a typical example of a UK mid-market business that has evolved over time and generated steady growth in a niche market sector. Businesses such as this are fundamental contributors in driving the UK's economy."

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