Polamco engineers based at Weston Lock, Bath, to expand with Barclays cash
Manufacturing firm Polamco has revealed plans to expand and recruit new staff.
Managing director Andrew Polson has confirmed a six figure investment from Barclays will allow the company to invest in new state-of-the art manufacturing and production machinery, as well as extending its current storage facility.
The Weston Lock company, which makes electronic components for the aerospace, defence and shipbuilding industries, employs 136 staff and is considered a leading expert in its field.
Mr Polson said the company had experienced fast growth in the past five years, with 40 per cent of the company's turnover of £10 million for 2012 coming from the overseas market.
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He said: "Polamco has an exciting growth plan. Having moved to Barclays only nine months ago we have been really impressed with the relationship we have built with the bank and this new lending facility has provided Polamco with a modern and innovative approach enabling us to move the business forward, grow with confidence and plan with certainty for the future of the business."
Mr Polson added that the undisclosed sum of money would be used to extend the Weston Lock storage facility and recruit six to eight CNC Skilled Turners to complement Polamco's own in-house apprentice training programme.
Bath-based John Squier, Barclays Relationship director, who co-ordinated the new funding facility, said: "Polamco Ltd is a company with an enviable track record and it's fantastic to see a business bucking the current economic trend and thriving.
"It's important for us to support forward-thinking and ambitious businesses such as this in Bath, as they continue to increase their position within their chosen market, which has to be good news for local employees and the economy."
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