Conway Packing Services takes control of its future

Date: 22-05-2017

Tagged as: West MidlandsSMELogistics

"I’m dealing with the best bankers I’ve ever dealt with and that gives me confidence."

Conway Packing Services Ltd is primarily a specialist export services provider, offering a packing service for heavy industrial and manufactured goods and is a Ministry of Defence contractor, packing technical equipment and vehicle spares. In recent years, storage has been a growing market for the business.

Funding for growth

When an opportunity to purchase the company’s Oldbury site arose, it soon became obvious how important this was to the firm’s future, as Managing Director, John Morrall says: “We searched in a 30 mile radius of our business for the kind of facilities we have here, in terms of height and craneage, and couldn’t find one,” says John. “For our business, two things are vital – space and people. Here we have a 12-acre site, the people we need and a pool to recruit further.”

It made securing the funding to purchase the site absolutely vital, which is where the company’s long-standing banking partner, Lloyds Bank, came in.

“We could see clearly that if Conway Packing Services were forced out of their site, it would severely hamper the business,” says David Chance, Relationship Director at Lloyds Bank. Lloyds Bank provided a £4.5m funding package for the acquisition of the Oldbury site.

Going a step further

To support development of the site, Lloyds Bank also undertook an analysis of the company’s working capital needs to create a flexible, tailored solution that included an invoice discounting facility. “Although we’ve always traded with strong reserves, any acquisition puts a strain on working capital,” says John. “Our Relationship Director understands our business and was able to anticipate our needs and work closely with us to demonstrate solutions that could provide the flexibility we required to build on the acquisition and develop the site.

“Lloyds Bank has been excellent and it all comes down to the people. I’m dealing with the best bankers I’ve ever dealt with and that gives me confidence as we continue to grow the business.”

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