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Wednesday, 22 October 2014

South Cumbria firm to increase presence in global industry

A MARINE firm is set to fuel its global expansion plans after reaching a £30m refinancing agreement.

James Fisher and Sons is fuelling global expansion plans after reaching the lucrative agreement with Lloyds Bank Commercial Banking.

The deal represents a significant uplift on its previous debt facilities with Lloyds Bank following a period of unprecedented expansion by the 165-year-old business, in which it has grown revenues by £200m over the past six years. The lending facility has been provided by Lloyds Bank’s Manchester-based team, using funding from the government-backed Funding for Lending Scheme, which enables businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment.

The Barrow-based business intends to use its new funding to help increase its presence in the global marine services industry, particularly in emerging territories outside of the mature North American and European markets.

Around 60 per cent of James Fisher & Sons revenues are derived from overseas sales, compared to just 35 per cent five years ago, with the company reporting strong interest in its services in the Asia-Pacific region.

It provides a range of marine and technical engineering support across multiple sectors, including offshore oil where it works for a number of global oil majors such as BP. Bill Marshall, group treasurer at James Fisher and Sons, said: “The Manchester-based team at Lloyds proved to us that they were committed to developing the relationship and helping us grow.

“They demonstrated real confidence in our plans for the future by quickly approving terms for a flexible package greater than our original intended need, and this puts us in a considerable position of strength as we pursue our strategy.”

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