£96k enables Hills Numberplates Ltd to open up foreign markets
- £96k enables Hills to open up crucial foreign markets
- Lombard's funding helps Hills Numbersplates Ltd to retain its position as market leader
- New printer gives Hills total control over the supply of international graphics to meet production needs
Hills Numberplates Ltd is the largest manufacturer of finished registration plates in the UK with a market share of 40% in 2010, twice as much as its nearest competitor. Acknowledged as a market leader in size, technology and innovation, its facilities boast totally computerised production lines driven by a fully integrated order entry system, producing up to five million pairs of plates per annum. As a result of its development expenditure Hills holds a portfolio of patents for both numberplate constructions and manufacturing systems.
When the recession hit in 2008, the automotive industry like many, took a serious downturn. As fewer new cars were sold, domestic demand for new numberplates plummeted. Having always been a proactive company that invested in itself, Hills looked to its export business to stay afloat. Specialised machinery was needed if the export arm of the business was to be successful but the acquisition of which would put a huge strain on the company’s cash flow.
Kath Jenkins of Hills, explains, "We approached our bank as well as various other lenders to try and secure £96k for a large format printer, but weren't successful. We were in a situation of consolidation and recovery, and had already closed one branch and made other cut backs. Securing the funding and freeing up capital was imperative for the business. It would also enable us to control the supply of the variations on the international flags to meet production needs."
Lombard first contacted Hills in January 2009. It had never used Lombard before but agreed to an initial meeting. Jenkins continues, "It was nice to speak to a finance body that didn't close the door. Lombard's funding ensured we could sustain and grow the business at a time of contraction."
Ruth Davies, Lombard Relationship Manager, explains, “Although dealing with unique assets, Lombard's innovative finance solution ensured the funding was straight forward and went smoothly.”
Hills meets Lombard regularly and considers it as a financial partner. Lombard is its first port of call if it has any new ideas and it always finds Lombard there to listen and support.
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