Nonwovenn invests in the future following £6m funding package from Lloyds Bank
Somerset-based technical fabrics manufacturer, Nonwovenn, has secured ownership of its operating premises and invested in new technology following a £6.6m funding package from Lloyds Bank.
Located in Bridgwater, the business is a market leader in creating bespoke nonwoven technical fabrics for household-name clients. Some 70% of its products are shipped overseas to more than 40 countries and are widely used across medical, industrial, packaging, and protective clothing sectors.
With the seven-figure loan from Lloyds Bank, the manufacturer has purchased its production site where it has operated since 2003.
The business has also invested in state-of-the-art technology that increases the breadth of its product offering and increases its annual volume, giving it the capacity to achieve its future growth plans.
During the pandemic, Nonwovenn was deemed to be a crucial supplier of frontline medical equipment for the bespoke manufacturing of ventilator fabrics.
The business currently employs more than 210 people and has enjoyed 12 years of continued growth in sales, generating revenue in excess of £20m.
Chairman David Lamb believes that investing in people and machinery is key to the business’s success.
David said: “Securing the building for the long-term has generated a positive vibe throughout the workforce and reaffirms our commitment to a people-first approach to business.
“We’re a niche manufacturing business and our clients often approach us with a problem they need us to solve- our products are something customers need, not necessarily want. It’s vital that we continue to invest in new technology that allows us to meet the growing demands of our wide-ranging customer base.
“We’ve been a customer of Lloyds Bank for almost 20 years and our relationship director completely understands the nuances of our unique business. With his backing, we were able to move quickly with our investment plans and strengthen the business for the long term.”
Jonathan Szabo, Relationship Director at Lloyds Bank, said: “David and the team are a long-standing client of Lloyds Bank and we’re incredibly proud to have supported them throughout their sustained growth. The business operates in fast-moving markets, delivering a unique product offering to blue-chip customers around the world. Securing the business premises and investing in technology to aid future growth puts the business in an exciting position.”