Banbury-based First Line Ltd has secured £20 million in funding from Santander Corporate & Commercial. The money will help the firm expand its exports and capitalise on growth opportunities in overseas markets.
The firm expects 30% of its annual turnover in 2018 to come from export sales, which has seen ‘robust’ year-on-year growth over the past six years.
Keith Schofield, Finance Director, First Line Ltd, said: “We are delighted with the ongoing success of the business and the opportunities presented by overseas markets are truly exciting. Growth will be achieved via a number of strategies including new products and focussing on new segments such as classic cars. Santander has quickly become a trusted partner, providing the financial support and facilities needed for us to take the company to the next level.”
Steve Bateman, Relationship Director, Santander Corporate & Commercial, said: “First Line is looking to grow its market share globally over the next few years and the facilities offered by Santander will be key for them to achieve these growth ambitions. We are delighted to be supporting such a fantastic, growth focused UK business that will benefit from Santander’s unrivalled expertise in helping SMEs export and trade internationally”.
Founded in 1983, the firm sells parts under the Borg & Beck and Key Parts tables in addition to the First Line brand is now based from a 170,000 sq ft warehouse clearly visible from the M40.