15 October, 2014 – Electrolube, the Ashby de la Zouch based manufacturer of high-quality electro-chemicals, is to invest for UK and international growth and purchase the freehold of its UK headquarters following £4 million in funding from Santander Corporate & Commercial.
Founded in 1941 by Henry Kingsbury, Electrolube is part of the HK Wentworth Group, which has seen strong demand for its products from both the UK and abroad, and global sales are forecast to grow by 18% for the current year. With wholly owned subsidiaries in Australia, New Zealand, Brazil, India and the US, Electrolube has operated a second manufacturing base in China since 2002 and is focused on further international growth.
The funding from Santander Corporate & Commercial will be used to help finance its continued growth and investment programme. The facilities from Santander include support for international payments and foreign exchange to help the firm maximise international trading opportunities. Electrolube is also looking to purchase the freehold of its Ashby de la Zouch base and the funding will be used to support this initiative.
Ron Jakeman, Group Managing Director of HK Wentworth, said: “We have been delighted by the success of the business, both in the UK and abroad. Electrolube has achieved strong growth in our chosen sectors and markets, and I am wholly confident that our business plans will deliver continued growth. We have been ably supported by Santander, and look forward to working with the team going forward.”
Paul Elliott, Relationship Director, Santander Corporate & Commercial, said: “HK Wentworth is an excellent example of a strong British manufacturing business with its eyes firmly fixed on the global marketplace. We are delighted to be able to help them in this endeavour. With our considerable global strength and expertise, Santander is very well placed to help UK businesses with their international growth plans.”
