Poundfield receives £1m in new funding from Clydesdale Bank

Posted on: October 17th 2016    •    Posted in: Poundfield Precast news

Poundfield Precast, based near Ipswich is targeting expansion after clinching the new funding package with Clydesdale Bank.

Since switching its banking provider to Clydesdale Bank in March last year, the Precast Concrete manufacturer has been able to unlock the true potential of its business.

Commenting on the new relationship, Poundfield’s Finance Director Matt Moss said: “With Clydesdale’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 company originally founded by Mark Jardine in 1999 currently employs 65 staff at its Ipswich headquarters.  It’s targeting turnover in the current financial year is £7 million; which would represent a 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.

Richard Chapman, Head of Clydesdale Bank’s Customer Banking Centre in Bury St. Edmunds added: “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.”