A Chelmsford supplier of plastic plumbing parts is targeting further growth, after receiving a £50,000 working capital facility from Lloyds Bank Commercial Banking.
The Plumbing Distribution Company (PDC), a family-run business established in 2006, has achieved record sales, with annual turnover reaching £1.9m in the last financial year, rising 18% year-on-year.
It is using the funding to increase its stock volumes and proactively bring more customers on board, after experiencing a rapid uplift in demand. A new sales manager is joining PDC in October to drive new business and the company is hoping to expand into the agriculture and tourism industries.
The company supplies a range of plastic plumbing products, from pipes and fittings to decorative cladding, to independent plumbers and builders merchants in the South East, which in turn serve individual plumbers.
With more than 500 existing clients across its catchment area, The Plumbing Distribution Company is looking to begin offering its services nationwide in the near future, including its same-day delivery guarantee.
The business is also hoping to expand its 15,500 sq. ft. headquarters in response to rising demand for its products.
David Beaseley, director of The Plumbing Distribution Company, said: “Our business has achieved steady growth over the past three years in particular, and it’s because high-quality service is at the heart of everything we do. We have built long-term relationships with our customers, who appreciate our personable approach.
“Now is the time for us to target our next stage of growth, and we needed a quick injection of funding to allow us to keep up with demand and reach out to new clients. We’ve got ambitious plans for the business and building our reputation outside of the South East is an exciting prospect.”
Mark Williams, client manager at Lloyds Bank Global Transaction Banking, added: “The Plumbing Distribution Company is an ambitious business, which has a strong industry following. Having grown organically since its launch, the working capital facility we’ve provided will allow PDC to explore new opportunities and it’s great to be able to support that.
“We’re committed to helping businesses like David’s achieve their goals to help Britain prosper. That’s why we’ve grown our net lending to SMEs by 31% across the last seven years.”
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