UK SME lender Ultimate Finance has provided a £70,000 invoice finance facility for aluminium spinning company Cliveland Spinning.
The Birmingham-based electrical components manufacturer has been in operation for 50 years, and focuses on reflectors and lighting products.
Facing increasing competition from overseas producers, Cliveland Spinning expanded its product range to grave vases. Contracts with memorial product distributors now constitute 25% of turnover.
Andrew Sale, managing director of Cliveland Spinning said: “The competition to British manufacturing from China, and more recently India, has been well documented. We therefore needed to…look at different products we could create.”
The company hopes that the support from Ultimate Finance will help it to step up production of these new products to mitigate for competition from cheaper imports.
“Ultimate Finance was quick to see the potential and grant us an increase facility to help us meet demand.”
Lesley Mouncher of Ultimate Finance said: “As a country we need to support British manufacturing against tough competition from overseas. Cliveland Spinning is a great example.”