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Browns Print, a Manchester-based printing company, has received a £2.42m of asset financing from Lloyds Bank.
Browns Print was in the market for a replacement printing press in order to increase its capacity within the business as well as lower its energy use.
The company approached Lloyds Bank and secured a £2.42m hire purchase loan that was used to acquire a state-of-the-art printing machine.
Tim Guest, chairman at Browns Print, says: “When our business was in need of a new printing press we knew we wanted to purchase a machine that would help us to stay competitive and operate more sustainably. The investment from Lloyds Bank allowed us to do that, providing our customers with high-quality products, while increasing efficiency and reducing energy usage.”
Angela Parry, associate director of Lloyds Bank Asset Finance, said: “At Lloyds Bank we offer businesses a full range of asset funding options. For print manufacturers like Browns, using this financing to invest in cutting-edge equipment and technologies has helped it to stay competitive in the sector, and ultimately improve business growth.”
Investing in the new equipment has meant the business has been able to hire ten new employees which brings the total amount of employees to 80. The £11.5m turnover business is hoping to continue growing its revenue as well as become carbon neutral by 2028.
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