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.”

Any property given as security, which may include your home, may be repossessed if you do not keep up repayments on your mortgage or other debts secured on it.  

All lending is subject to a satisfactory credit assessment.

Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.

Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500.

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.

We subscribe to The Lending Code; copies of the Code can be obtained from www.lendingstandardsboard.org.uk

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all Business customers will be covered.

Lloyds Banking Group includes companies using brands including Lloyds Bank, Halifax and Bank of Scotland and their associated companies. More information on Lloyds Banking Group can be found at www.lloydsbankinggroup.com