Bath-based Polamco has received an undisclosed sum from Barclays to invest in new state-of-the-art manufacturing and production machinery, as well as extending its storage facility.
The company, a leading design and manufacturer of interconnect electronic components, employs 136 people in Bath providing custom made components worldwide to a wide portfolio of industries, including aerospace, defence, space, satellite and shipbuilding.
The firm has an office in France and an extensive distribution network across the US and Canada where the company is expected to increase its sales. This new investment will also support Polamco’s on-going continuous growth strategy across the rest of the world with its current distribution partners.
Managing director Andrew Polson said: “Polamco has an exciting growth plan. We’ve already experienced fast growth over the past five years, with 40% of the company's annual turnover of £10m in 2012 achieved from overseas markets. Having moved to Barclays only nine months ago we have been really impressed with the relationship we have built with the bank and this new lending facility has provided Polamco with a modern and innovative approach to move the business forward, grow with confidence and plan with certainty for the future of the business.”
The investment will secure jobs and create new opportunities for skilled CNC (computer numerical control) turners to programme, set and operate the new equipment.
Barclays relationship director in Bath John Squier, who co-ordinated the new funding facility, added: “Polamco is a company with an enviable track record and it’s fantastic to see a business bucking the current economic trend and thriving. It's important for us to support forward-thinking and ambitious businesses as they continue to increase their position within their chosen market, which has to be good news for local employees and the economy.”
