Allam secures £45m refinancing deal with Lloyds’ team

The firm, which was founded by Hull City owner Dr Assem Allam, has moved its banking operations to Lloyds Bank Commercial Banking’s North, East & West Yorkshire team.

It is understood that the company had previously banked with HSBC.

The agreement sees an extra £15m of support provided to the Hull-based exporter.

Allam Marine, which is believed to be the largest independent manufacturer of generating sets in the UK, posted sales of more than £185m in its latest set of audited accounts.

The business was established in 1981 with sales of just under £3m. It is now one Yorkshire’s fastest growing and most profitable privately owned firms. It recently recorded pre-tax profits of more than £22m.

Its diesel generators are used as back up to mains supplies in large public and private buildings and manufacturing facilities in UK and Western Europe.

Its products are commonly used as a mains supply in countries with unreliable or non-existent power networks.

Over the past eight years the company and its founder and managing director, Dr Assem Allam, have won a host of industry and business awards.

In December 2012, Dr Allam was named Business Leader of the Year at the Variety’s Yorkshire Business Awards, in recognition of his business achievements and community work. Dr Allam said yesterday: “This new funding arrangement provides us with the greater degree of flexibility and support that we need to help sustain our growth.

“We operate in numerous emerging and newly established international markets and Lloyds Bank’s willingness to support us in these territories was a key part of our decision to move our facilities.”

Richard Townsend, of Lloyds Bank Commercial Banking in East Yorkshire, said: “Allam Marine is a manufacturer with a global pedigree which Dr Assem Allam and his team have built up from scratch to become one of East Yorkshire’s leading businesses.”