Gloucester manufacturer secures £1 million funding package
By David Wood | 19th July 2023
A Gloucester-based specialist manufacturing firm is set to triple its production capacity over the next three years, thanks to support from Lloyds Bank.
The P&M Group, based at 125 Business Park, Llanthony Road, specialises in the design, manufacture and installation of refrigerated storage units for the food industry.
The P & M Group consists of: ISD Solutions, ISD Solutions Australia, PLG Insulations and S Tysoe Installations, with a new venture, QuayTherm Manufacturing, coming on stream in 2023.
To embrace future growth opportunities and further diversify, the firm decided to introduce new metal fabrication technology to help increase the speed of its production line and boost capacity for bespoke orders.
The P&M Group turned to longstanding banking partner Lloyds Bank, securing a £1,000,000 funding package that enabled it to purchase a variety of cutting-edge manufacturing equipment including CNC five and four axis machining centres, a double head mitre saw and a vacuum lifting system.
The new tools will help the business increase its turnover by 14% to £80m and triple its production capacity by 2026.
Founded in 1947 - and with operations in both the UK and Australia - the family-run business currently employs 190 members of staff globally.
Andy Moon, chairman at P&M Group, said: "Like many businesses we have faced a number of challenges in recent years, but generally the food sector is resilient and we are seeing demand pick up.
"For generations we have always been a business that invests in the future, and the support we've received from Lloyds Bank has been pivotal to increasing our manufacturing capabilities in order to ensure we're able to keep supporting our client's growth ambitions.
"Investing in our manufacturing division will give us control over the full product lifecycle from inception to delivery and we're looking forward to providing a more rounded offering to our customers."
Robert Henderson, relationship director at Lloyds Bank, said: "Under pressure to take advantage of growth opportunities, we're seeing firms leveraging their existing positions within key sectors to branch out and diversify their operating bases.
"This was shown in the latest data from our Business Barometer, which found that 41% of businesses in the region have identified evolving their product or service offerings as a top priority for the next six months.
"It's encouraging, therefore, to see The P&M Group capitalising on its market leading position to help future proof the firm's growth trajectory. We're proud to support a local firm that continues to champion sector innovation and we're excited to see the business continue to grow."
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