Lambson Building Products Secure Investment Package from HSBC
Lambson Building Products and Laminated Products secures funding package, worth £14 million, from HSBC.
The funding has enabled Lambson Building Products and Laminated Products to purchase new machinery for its Castleford manufacturing facility. A new, Italian-made, edge banding machine and Spanish-made high speed wrapping machine will allow the business, which supplies UK & European customers in the caravan and leisure sectors, to significantly improve production throughput by increasing efficiency and reducing waste.
To support recent increases in sales, as well as to assist in required stock increases due to Brexit issues, the manufacturer has utilised the funding to increase its stock of imported raw materials, predominantly from the Far East, by over 25 per cent. This supports the sustained growth that the business has seen over the last three years.
Managing Director, Glenn Monkman spoke about the importance of the deal, “we’ve seen strong sustained demand for our products so we reacted by broadening our services and expanding our product range. Underpinning our expansion is continued investment into staff, supply chain and production facilities – all taking place in Castleford. HSBC’s UK funding has been instrumental in helping us achieve this.”
Tom Sikora, HSBC UK’s Relationship Director for North and West Yorkshire, added “as a forward-looking business Lambson Building Products naturally wanted to raise its productivity and is not afraid to make strategic investments to achieve this. It is a fine example of a Yorkshire manufacturer that looks to do business in a diverse range of sectors, both in the UK and overseas. We look forward to seeing Lambson continue to grow and create new jobs in Yorkshire.”
An established company now celebrating its 50th year of trading, Lambson Building Products is one of the UK’s leading manufacturers of decorative panels, internal doors, modular furniture and worktops. The majority of the UK’s caravan manufacturers use its products. The business employs over 120 full time staff at its 100,000 sq. ft. factory in Castleford.
The deal was part of HSBC UK’s £12 billion lending fund to support SME’s in the UK, with £1.05 billion committed to business in Yorkshire.