Lloyds TSB has recognised the growth potential for added-value wood products, according to Pontrilas Group Ltd which has secured an £8.3m refinancing package with the bank.
Pontrilas, which has a softwood/hardwood sawmilling arm in Hereford and a wood pallet/packaging business in Wales, changed banks from Fortis to Lloyds to help it continue investing in its business.
“We have invested over £5m in the last three years on machinery for productivity, yield and quality improvement and for increasing our product range,” said Pontrilas group managing director Edward Hickman.
“The move to Lloyds TSB will enable us to continue this investment programme and so continue to grow the business organically. The new facilities are more flexible and Lloyds TSB has recognised the potential for growth in added value products.”
Over the next 12-24 months, Pontrilas will open a new site in the village of Pontrilas and start to develop a 10MW electricity biomass power station.
