A precast concrete firm has cemented a £1m investment deal to boost its manufacturing operation.
Poundfield Products, based at Creeting St Peter, near Stowmarket, is targeting expansion after clinching the new funding package with Clydesdale Bank.
Poundfield, which employs around 65 staff, specialises in the manufacture of precast and pre-stressed concrete products to a wide range of customers in the agricultural and construction sectors.
The company was founded in 1999 by Mark Jardine whose previous experience of working, firstly on the family farm and later in the compost and recycling industry, provided the inspiration for the design of a unique ‘A’ shaped retaining wall system branded as the Alfabloc®.
The precast concrete retaining system has proved extremely successful and is now manufactured not just in the UK but also under licence in Ireland, Europe and the US.
Poundfield has continued to develop its retaining wall range and has also successfully expanded into bespoke concrete design projects and into the block and beam concrete flooring market.
The company is targeting turnover in the current financial year of £7m, which would represent 10% growth on 2015’s figures.
The new funding from Clydesdale Bank will allow the management team to progress plans for additional investment in the manufacturing operation over the coming year with staff numbers expected to be increased to meet production demand.
The deal was facilitated by Matthew Long, Relationship Manager at Clydesdale Bank’s Customer Banking Centre in Bury St Edmunds.
Finance director Matt Moss said: “With Clydesdale Bank’s assistance, expertise and understanding of our market position we have not only been able to negotiate a realistic trading facility but also gain access to asset finance and merchant services. As a result of this close working partnership we have been able to seize new opportunities and create an ambitious growth plan for 2016 and beyond.
“The Clydesdale Bank team have shown both a real appreciation of our aims for the business and a willingness to work with us to help us realise our ambitions.
Richard Chapman, head of Clydesdale Bank’s Customer Banking Centre in Bury St. Edmunds, said: “Under Mark’s leadership, the management team have invested time and energy in implementing an extremely successful strategy to restructure and grow the business.
“We look forward to working with them as they roll out their programme for expansion.”
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