Lombard provides funding support for many businesses in the region through its asset finance products. One such company is Hart Biologicals, a family-run medical science company based in Hartlepool for whom investment has been the key to success.
Set up in 2002 by managing director Alby Pattison with his brother and sister-in-law, Hart Biologicals is an example of how the region has diversified and rebuilt itself following the demise of heavy industry in the North East.
Pattison said: "The North East is working hard to reinvent itself. Diversification has been the key to this, particularly for businesses like ours which have benefited from universities in the area encouraging a focus on medical sciences. The North East now exports more than any other region of the UK and this is a key area for us as we export over 80% of our products."
He added: "Investment has been an important factor in our own success and we'll continue to invest in manufacturing capacity for the next three to five years as we see significant changes to blood products and transfusion, areas in which we are equipped to play a dynamic part."
The company was introduced to asset finance by its accountants and has worked with Lombard on a number of projects to secure their expansion plans while preserving cash flow. For a recent programme to establish a new research and development facility, Lombard has provided £190,000 in hire purchase funding over a 60-month contract.
Pattison explained: "We didn't want massive debt but using asset finance means that we can manage this and we know exactly what our repayments will be over the contract term.
"Another key benefit for us is being able to deal with a series of transactions in one play. Lombard managed our invoices and paid them on our behalf, setting up a single agreement which made things much easier for us."
James Clinghan, Relationship Director at Lombard concludes, "Hart Biologicals is a good example of the businesses that we work with in the North East. The company has recognised the growth opportunity and has adopted a programme of investment that has enabled them to secure success."
Lombard will be available at the Manufacturing and Engineering North East event on Stand B29 to talk to visitors about how asset finance may be able to provide an effective and affordable way to meet business objectives.
MENE will showcase the region's strengths and provide a platform for local and national manufacturers, engineers and suppliers to meet, learn, solve problems and develop partnerships. It will comprise three key elements covering the full range of design, production and manufacturing:
- Keynote conference sessions from leading engineering and manufacturing businesses.
- Focused technical workshop sessions.
- An exhibition with access to leading suppliers.
Register for your free place at www.menortheast.co.uk
