Plymouth-based fabricators of natural stone furnishings, Mayflowerstone Limited, has secured a six-figure funding package from Lombard Asset Finance to drive forward plans to double turnover over the next 2 years.
The £600,000 finance from Lombard Asset Finance will enable Mayflowerstone to increase the capacity, efficiency and the already high product quality of it’s workshop in Plymouth.
The Plymouth premises is where the business stores and fabricates a range of its high-quality materials such as granite, quartz, sintered stone, marble and Corian, which can be transformed into worktops, flooring and tiles.
The funding will also support the company’s investment in its industry-leading equipment, including a Baca Robojet, Intermac Primus 402 and Breton nc300 stone interchanger, only the third installed in Europe, to ensure the highest quality finishes for its customers.
Established in 2006 Mayflowerstone has grown from two employees to 63 staff across the total group, and recruitment is underway for six new roles within the business.
Jamie Dowdall, Managing Director of Mayflowerstone Limited, said: “Our ambition as a business has always been to expand and offer our quality products to more customers across a larger area.
“The funding from Lombard Asset Finance will allow us to increase our production capacity by investing in new and improved equipment that will increase the speed at which we can operate and therefore our output. This will help us to achieve our goal of doubling the size of the business in the next 2 years and expanding our existing team.”
Lombard Asset Finance and NatWest have both supported Mayflowerstone’s continued growth. NatWest have supported the business since its inception in 2006, notably providing a funding package to acquire its current premises in 2016. This collaborative effort from NatWest and Lombard led to the solution of the current funding package.
Nick Jarvis, Senior Relationship Manager at Lombard Asset Finance and Rob Warnock-Smith, NatWest Relationship Director, supported Mayflowerstone on the deal.
Rob Warnock-Smith said: “Mayflowerstone is able to offer exceptionally high-quality products to its customers and this latest programme of investment will not only support its growth ambitions, but also help the business be future ready using the latest production equipment.
Nick Jarvis added: “Lombard have worked closely with Jamie and the team and we have previously funded several state-of-the-art machines. The latest funding we have provided will ensure the company maintains its position as quality-pioneers within the industry and supports its growth as a business.”