Irwin Mitchell Advises Lloyds Bank On Deal

A Lancashire-based textiles manufacturer is targeting further expansion after securing an £8m financial package from Lloyds Bank. 

Founded more than 90 years ago, R Soper employs more than 300 staff and specialises in supplying fabric-based home furnishings such as blinds, curtains and furniture coverings to major retailers.

The funding deal with Lloyds Bank includes a £6m invoice discounting line, a property loan, and a plant and machinery loan, as well as a letter of credit facility.

A team from the Manchester office of law firm Irwin Mitchell advised Lloyds Bank, led by banking and finance partner Dean Gormley, with associate Vanessa Rickard leading on real estate aspects.

Expert Opinion

R Soper is currently going from strength to strength and is a great example of what the UK's manufacturing sector can achieve. This deal also highlights an improving economic picture which in turn is seeing greater confidence to invest in companies with clear ambitions and strong management teams." Dean Gormley - Partner

Ryan Sorby, relationship director in Lloyds Bank Commercial Banking's mid-markets team in the North West, said: "R Soper is a well invested company with a strong management team which can deliver its growth potential over the coming years.

"The firm is targeting expansion in the UK, and is one of a number of ambitious mid-market manufacturers which will play an increasingly important role in supporting the North West and the wider UK economic recovery."

“Ben Soper, managing director of R Soper added "Major retailers in this country are putting greater emphasis on buying the best British-made products, having up until recently focused on sourcing goods from the Far East."