A fabric manufacturer that has supplied prints to the likes of Queen Elizabeth II, Queen Victoria and Winston Churchill has received a financial boost.
Lakeland Fabrics, which does business as Stead McAlpin, has secured a new bank facility from Barclays.
The fabric manufacturer has been based at the same site in Cummersdale near Carlisle since 1835.
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With a new, increased bank facility, the company will now be able to focus on growing its UK and international sales, producing and developing for high-end interior design companies.
Managing Director Benjamin Soper said: “It was the most seamless transition we have ever made.
“We are absolutely delighted to partner with Barclays to accelerate our growth plans and have been very impressed with their desire to understand our business and build a strong partnership approach.”
The Barclays deal team was led by relationship manager Elaine Gray and Keith Thornton, head of business development, commerce and working capital.
Elaine Gray added: “Barclays is committed to supporting small and medium sized businesses which together make a significant contribution to the UK economy.
“Stead McAlpin is a company with a rich history and vast potential. With a strong reputation for high quality products and an exciting pipeline of opportunities for the future, we are excited to support the company in the next stage of his growth journey.
Keith Thornton said: “I have worked closely with the directors to fully understand their needs and structure the facility in a way that will allow the company to achieve significant cost savings over its previous funder, while at the same time giving it the headroom it needs to facilitate its growth ambitions.”