A seven-figure investment has seen plastics manufacturer Skar Precision Mouldings complete the purchase of 20,000 square-foot premises.
Established in 1969, the Suffolk firm has a turnover of nearly £6 million and employs 50 staff. With an 80 per cent UK customer base, the company manufactures injection moulded plastic parts and components ‒ including medical instruments, protective equipment and point-of-sale displays.
Looking to purchase existing rented premises as part of its growth strategy, Skar Precision Mouldings approached NatWest to secure a seven-figure loan.
The deal has facilitated the purchase of a 20,000 square-foot manufacturing plant, based on Lady Lane Industrial Estate, and also seen the company re-mortgage a further warehouse.
Karen Gant, financial director for Skar Precision Mouldings, said: “Our business is centered on giving customers good-quality products and added-value services bespoke to their needs.
“Owning our own property is an important part of our growth strategy, giving us added security and scope to develop the unit to increase production capacity.”
Sharon Sanders, senior relationship manager for NatWest, added: “It’s a pleasure to have supported the Skar team and to enable them to reach a pivotal moment in the history of the business.”
For further enquiries or more detailed information please call us on 01473 828000 or email us at sales@skar.co.uk