Printing firm presses on thanks to government-backed loan
2 July 2009
(left to right) Michelle and Kristian Holt of Print2group with Ian Hughes of Lloyds TSB Commercial
A firm which prints images onto materials including wallpaper is targeting international growth and more than doubling its workforce after securing a £20,000 government-backed funding boost.
Print2group prints customers’ own or professional photography onto canvas and wallpaper and supplies direct to consumers, interior designers and architects. It has completed major projects for clients including MasterCard, McDonalds and other UK and international businesses.
(left to right) Michelle and Kristian Holt of Print2group with Ian Hughes of Lloyds TSB Commercial
The company is launching new products including custom printed flooring, whiteboards and magnetic surfaces. As a result, the firm is increasing staff from nine to 20 and is moving into new 5,000 sq ft premises in Morecambe, Lancashire.
In order to support Print2group’s expansion strategy, management approached their banking partner, Lloyds TSB Commercial, to provide a £20,000 loan. Their relationship manager, Ian Hughes, offered to meet the firm’s requirements with lending secured under the Government’s Enterprise Finance Guarantee Scheme.
Under the £1.3 billion initiative, the Government guarantees lending to viable businesses to ensure that they can get the working capital and investment that they need and will support bank lending, of 3 months to 10 year maturity, to UK businesses with a turnover of up to £25 million.
The company is now targeting opportunities in the European market with its innovative products and looking to take turnover from £155,000 to £650,000 by the end of the financial year.
Kristian Holt, Director for Print2group, said: "It’s an exciting time for the business at the moment with the launch of a number of new products and the move into new premises.
"A lot of people are saying that banks aren’t lending, but we spent time developing a detailed plan and, for us, securing funding was really straightforward.
"Our products have a great deal of potential and taking them to an international audience presents an opportunity to increase revenue and build our reputation."
Ian Hughes, relationship manager at Lloyds TSB Commercial, said: "Businesses like Print2Group which offer niche products that closely match consumer demand are continuing to prosper despite the wider economic environment.
"To help overcome the tough conditions, the company launched a range of new products to diversify their offering and needed to invest in order to seize the opportunity to expand.
"We've worked closely with management and understood how important taking this next step was to their long term ambitions for the firm so we were able to quickly put the lending in place."
For more information on the Enterprise Finance Guarantee Scheme visit
http://www.businesslink.gov.uk/
