President wins backing for overseas growth

PRESIDENT Engineering Group has secured backing from Lloyds Banking Group to help support its expansion overseas.

The Sheffield-based valve manufacturer, which also has sites in the United States and India, employs around 120 people and exports its products to more than 40 countries. Mark Henley, managing director, said: “China and Asia as a whole have an unrelenting appetite for energy, and the need for providers in these geographies to upgrade coal mining operations in line with improved safety standards is growing – creating demand for specialist products.

“Similarly, the rapidly increasing requirement for natural gas and its transportation across Asia, the Middle East, Latin America and Africa, as well as in emerging economies, will see demand grow for all our products.”

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Lloyds TSB Commercial Finance has supplied an export-focused confidential invoice discounting line, while Lloyds Bank Wholesale Banking & Markets has refinanced the business’ existing capital structure and provided a supplier import loan. The financial details of the debt package were undisclosed. President Engineering Group consists of two core group business units: Conflow and Bestobell Valves, which were acquired from Flow Group as part of a management buyout supported by YFM Equity Partners in 2010.

According to Companies House, President Engineering Group recorded a turnover of £16m in the year to the end of October 2011.