Irwin Mitchell’s Banking Team Advised Lloyds Bank

FPE Global, the materials handling and process engineering group, has moved its banking to Lloyds Bank Commercial Banking after securing new funding worth £3.7m.

The funding package includes a £2.25m trade finance facility which will provide working capital for FPE Global’s import and export activity and replaces the facilities provided by its previous banking partner.

The Stockport-based company manufactures machinery for dry bulk material handling across a number of sectors including food, aggregates, chemicals and energy. It has a turnover of £15m, around half of which comes from export markets, and has seen high levels of overseas sales growth in recent years. It has a predominantly blue-chip customer base spanning across all continents.

The provision of funding by Lloyds Bank follows NorthEdge Capital taking a majority stake in FPE Global in February 2013, which saw increased investment in marketing activity and infrastructure. The switch of banking partner will support the business’s day to day activity as it embarks upon a strategy to increase footprint in the UK and Europe.

Mark Dixon, Managing Director of FPE Global, said: “Our new relationship with Lloyds Bank supports our growth aims, both internationally and domestic, and builds on the success we’ve enjoyed since working with NorthEdge Capital. The trade finance facility gives us the flexibility and security to trade overseas with confidence, whilst the day to day banking arrangements mean we can take advantage of strategic domestic growth opportunities as they arise.”

Ryan Sorby, Relationship Director at Lloyds Bank Commercial Banking, said: “Not only does FPE Global operate in a strong and growing global food sector, but it boasts an experienced, ambitious management team supported by NorthEdge Capital.

“It has a trusted reputation for providing expertise in its sector, as well as physical equipment, and this sets it apart from its competitors. FPE Global is ideally placed to capitalise on the burgeoning food market, and we look forward to supporting the next stage of its growth plan.”

Louisa Chapman, Trade Manager, and Kat Rogers, Associate Relationship Manager, were the Lloyds Bank team.

Dean Gormley and Laura Mitchell from the Banking & Finance team at law firm Irwin Mitchell in Manchester advised Lloyds Bank on the deal.

Expert Opinion

We are delighted to have been able to assist Lloyds in putting in place a comprehensive funding package to support the continued growth of FPE Global’s business in the UK and internationally.” Dean Gormley - Partner