A Northampton-based plastic powder supplier is expanding into Asia following advice from Baker Tilly’s Leicester office.
Matrix Polymers, which secured an inventory facility of £1million in addition to an existing Invoice Discounting facility of £5.5m from RBS Invoice Finance, supplies raw materials and accessories to the rotational moulding industry.
The company has seen phenomenal growth over the past few years and will now open a new plant in Malaysia – which will act as a springboard into the Asia Pacific region.
The RBS Invoice Finance team for the Midlands and East of England structured the £6.5 million asset based lending facility to allow Matrix Polymers to borrow money against its stock as well as its debtors, and Baker Tilly’s Leicester office advised Matrix Polymers on the deal, with practical help on how to set up the Malaysian operation.
Kelly Boorman, Partner at Baker Tilly’s Leicester office, said: ‘Matrix Polymers is a long-standing client and a real local success story, and I’m delighted that they have secured funding to expand into new, international markets.
‘Working closely with our colleagues in Malaysia allowed us to provide Matrix Polymers with practical help on setting up its Malaysian arm, including sharing knowledge of local political and cultural issues that could affect the business and more practical concerns like transport and infrastructure.’
Martin Coles, CEO of Matrix Polymers, said: ‘I’m delighted that we’ve been able to secure this funding, which has allowed us to start work on opening the Malaysia plant to help us expand the business into South East Asia and the Pacific region. The Malaysian plant will include a manufacturing facility and a marketing and sales team. The rotational moulding market is growing fast in Asia, and this is an exciting opportunity for us to establish ourselves as a market leader in terms of our technical and product strengths.’
Gary Waller, commercial development manager at RBS Invoice Finance, said: ‘Matrix Polymers is a great example of a successful and fast growing UK business which is expanding its horizons and moving into new markets overseas.
‘As a long standing customer of the RBS Group we are delighted to have been able to utilise the strengths of our NatWest Northamptonshire Commercial Banking team as well as those of RBS Invoice Finance to provide the business with an asset based funding line of £6.5million.’
Alan Gibbens, relationship manager, Commercial Asset Based Lending at RBS Invoice Finance, said: ‘I am delighted we were able to complete an asset based lending transaction for Matrix Polymers which will enable them to achieve their plan of expansion into the Far East through their new office in Malaysia.’