A major plastics manufacturer is set to continue its expansion in Banbury after securing a £11 million funding deal.
Stewart Group, based on Beaumont Road, moved to its new 178,000 sq ft production facility manufacturing facility from Croydon, South London after a £15 million investor buyout supported by ECI Partners in 2012-13.
The firm, which currently employs 70 people, now plans to use its new funding provided by Santander Corporate & Commercial to expand its manufacturing capacity and introduce new products in key outlets such as Homebase, Wilkinson and B&Q.
Significantly, the Banbury facility has room for further expansion, with the potential to doubling output if needed.
Andy Burns, managing director, Stewart Group, said: “Stewart is a true UK manufacturing success story and we have strong aspirations for the future. We have a robust growth strategy in place, and the funding and support from Santander and Wright Hassall will be instrumental in helping us implement this comprehensive plan across our core sectors.”
Steve Bateman, relationship director, Santander Corporate & Commercial, added: “We’re delighted to be working with such a well-known and high profile brand such as Stewart. The company’s facility in Banbury is one of the largest and most efficient plants in Europe, and it is clear that the firm’s products are winning over an increasing number of clients.”