Financial package will help Orbik grow

Orbik Electronics, founded in 1982, makes equipment for use by major lighting companies across Europe and the Middle East.

The Wolverhampton office of Lloyds Bank Commercial Banking has provided £350,000 of funding to the business, in order to help drive its ongoing operation and the future expansion of its 45,000sq.ft. manufacturing plant on Northgate Way.

The company also secured a £1.5million invoice discounting facility from Lloyds Bank Commercial Finance to generate cashflow to meet increased overseas demand for its products, which include emergency control gear for fluorescent lamps and LED light sources.

The facilities provided by Lloyds Bank will also enable the business to invest in training for its sales staff, and to pursue new business opportunities, whilst working towards its ambitions to and increase its client base in the UK.

Orbik has an annual turnover of circa £10million and employs more than 130 people at its head office in Aldridge, with export sales operations in Asia, Africa and the Middle East.

Philip Elwell, managing director of Orbik Electronics, said: "Our business has grown considerably in recent years and we have developed an extensive client base internationally as a result of the growing demand for high quality emergency lighting systems overseas. Lloyds Bank has worked closely with us to support our ongoing expansion, understanding our business model and development strategy, and this funding will enable us to meet our growing customer demand, whilst providing us with the working capital to pursue new business opportunities here in the UK."

Ian Harris, relationship manager at Lloyds Bank Commercial Banking in Wolverhampton, said: "Orbik Electronics is a well-established specialist lighting manufacturer business, providing high quality manufactured products and solutions for its vast client base.

"At Lloyds Bank we recognise the importance of manufacturing businesses to support the resurgence of the UK economy. We have a dedicated team of relationship managers who understand the manufacturing sector, and can give businesses the support and funding to help achieve their growth ambitions."

Claire Carr, client manager at Lloyds Bank Commercial Finance who worked with regional manager Malcolm Clay on the deal, said: "Orbik Electronics is an innovative local manufacturing business with a management team that has the drive to succeed and create long-term success for the firm.

"Our invoice discounting facility was the ideal funding solution for the business because it provides the necessary cashflow to allow it to invest in opportunities overseas without impacting its daily activity."