A Leominster printing firm is set to increase its six figure turnover after investing almost £350,000 in new machinery using funding from Lloyds TSB.
Established in 1873, Orphans Press currently employs 20 people to produce high quality printed materials for customers in Hereford and across the UK.
The family-run business is now offering complementary products such as digital printing, photography and website design in order to maintain its competitive edge in a rapidly changing market.
As part of this strategy, the company has decided to purchase an additional colour lithograph printer and a new digital press which will boost capacity and improve turnaround times.
In order to support the investment, management approached the business’ banking partner of more than 20 years, Lloyds TSB Commercial.
The bank introduced the firm to its specialist Asset Based Lending (ABL) division, Lloyds TSB Commercial Finance, which devised a package of facilities to provide funding for the purchase.
With the new equipment now in place, Orphans Press is on track to increase turnover by 10 per cent in the next 12 months.
Helen Bowden, Director of Orphans Press, said: “The printing industry is changing rapidly and we realised the importance of making strategic investments in order to meet rising demand for services such as digital printing.
“When we approached Lloyds TSB Commercial, they quickly understood our ambitions for the company and suggested ABL as a way to provide the funding we needed without reducing working capital available for the day to day running of the business.
“With the new machinery in place and the backing of a supportive banking partner, we’re now focused on increasing sales and securing the long term future of Orphans Press.”
Neil Herbert, relationship manager for Lloyds TSB Commercial in Hereford, said:
“Low business confidence means that many firms are putting off significant investments but Orphans Press is a great example of a business making a timely strategic move in order to gain a competitive advantage.
“By taking this proactive approach, the firm has responded effectively to customer demand and ensured it can enter the digital market, putting it in a strong position for the future.”
Graeme Allan, HP Sales & Services Director for Lloyds TSB Commercial Finance, said: “Asset based lending is an ideal solution for firms that want to make a significant investment and we were able to quickly provide funding to support the business’ long term development.”
April 2009