Lloyds Bank funding package underpins investment at Earls Colne concrete products firm Milbank
- Credit: Archant
A concrete products company in north Essex has invested in new machinery with the support of a £480,000 funding package from Lloyds Bank.
Milbank Concrete Products, based on the Earls Colne Business Park, specialises in pre-stressed concrete floors, supplying construction projects ranging from housing to sports stadiums.
The new batching plant uses modern technology to ensure optimum precision and consistency, as well as dramatically reducing casting time. It can be controlled remotely from anywhere in the factory and is also self-cleaning.
It is the first in a series of planned investments by Milbank to achieve more environmentally-friendly production and improved customer service, with new casting moulds, casting machinery and a biomass boiler heating system also in the pipeline.
Andy Mayne, managing director at Milbank, which employs a staff of 168, said: “With almost 70 years of experience in the manufacture of concrete products, we have built up an extensive and loyal customer base and take great pride in the high quality products we deliver.
“The new concrete batching plant is crucial to our operation and has enabled us to not only increase output, but also further improve the quality and reliability of products for our clients. The funding provided by Lloyds Bank was instrumental in helping us make this vital investment and we are grateful for the bank’s support.”
Mary Murrell, relationship director at Lloyds Bank Commercial Finance, said: “Asset finance is the ideal way for businesses to invest in the infrastructure of their businesses without affecting their cashflow, and we were pleased to work with Milbank Concrete Products to enable this important machinery purchase.”
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Mark Williamson, manufacturing relationship director at Lloyds Bank Commercial Banking, added: “Milbank Concrete Products is a well-established local business and the purchase of the new concrete batching machine marks an important milestone for the business.
“We are committed to providing guidance to manufacturing businesses like this and, as part of that commitment, we have trained more than 300 managers across the UK in manufacturing awareness to help enhance the support we offer manufacturing businesses.”