Polystyrene Foam Manufacturer Secures GBP2.5m Business Loan

Fri, 11 Dec 2009

Polystyrene foam manufacturer Moulded Foams has received a £2.5m loan from the Enterprise Finance Guarantee scheme (EFG) and the Royal Bank of Scotland to help grow the business.

The Wales-based company said that a new funding package was needed to realise growth plans and put "liquidity back into the business".

John Thornberry, Moulded Foams managing director, said: "We are looking at [growth] opportunities by organic growth or acquisition."

He added that the firm was looking to purchase plant machinery in the next six months targeted at the food and building products sector. The government-backed Enterprise Finance Guarantee scheme was set up to offer financial support to help small to medium-sized businesses (SMEs) survive the recession.

Thornberry said that Moulded Foams was able to secure the finance due to its ability to demonstrate the robustness of its business and its ability to make loan repayments .

Moulded Foams, which designs and manufactures expanded polystyrene and expanded polypropylene foams and moulds, became one of the largest independent foam-moulding firms in the UK after its acquisition of Linpac Moulded Foams in April 2007.
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