Made in the Midlands Patron targets growth after funding dealMember News
Made in the Midlands Patron MyWorkwear is targeting significant growth after securing a six-figure funding deal.
The Telford manufacturer is looking to double its turnover and take on new staff following the funding package from Lloyds Bank Commercial Banking.
MyWorkwear, which is based on the Kingsland Estate, has increased its sales by 20% after securing work with 50 new clients, many of them Made in the Midlands members.
As a result of the new business, the company is expecting to see turnover reach £1.4m by the end of 2019.
It will also be introducing new shift patterns that will increase its capacity by 35%.
The funding package from Lloyds Bank has seen it provide a £145,000 working capital facility, which will enable the company to manage its cashflow more effectively and support its strategic expansion.
James Worthington, Managing Director, MyWorkwear said: "Over the past year we’ve become involved with the networking group Made in the Midlands, which has allowed us to establish new relationships with a variety of companies across the area.
"As a result, we’ve been able to boost our sales significantly, and our quarter one results have recently revealed that we’re currently trending ahead of our 2018 growth target.
"We’ve worked with Lloyds Bank for a number of years, and the personable and tailored guidance that the relationship team has provided has been an essential part of our growth."
Jamie Hollyhead, relationship manager at Lloyds Bank Commercial Banking, added: "By working closely with the local business community, MyWorkwear has been able to establish new relationships that have the potential to significantly drive growth over the coming years.
"However, taking on new customers often means that a company has to adapt its business practices and strategies, and the working capital facility we’ve provided will enable the firm to shorten its payment cycle and release cash that can be reinvested into the firm’s growth.”
MyWorkwear is a family-run business founded 42 years ago. The business supplies workwear and branded clothing to companies operating primarily in the manufacturing and automotive sector, including the automotive and motorsport brand McLaren.