Tinsel producer secures bank’s growth bonanza
ARTIFICIAL Christmas tree and tinsel manufacturer Festive Productions has secured a seven-figure working capital facility to support its expansion on the back of new contract wins. The Allied Irish Bank (GB) team in Cardiff structured the funding package.
Cwmbran-based Festive Productions is a leading provider of Christmas decoration products, with its range also including ornate glass baubles and wreaths. The business was established in 1983 and moved to a purpose-built, 17-acre head office in Ty Coch Way, Cwmbran, in 2000. It employs 75 staff, increasing to 150 at peak production, and has a turnover of £17m.
The company supplies its products to major high street retailers and garden centres across the UK. It manufactures its own tinsel at its premises in Cwmbran and produces more than 80,000 metres of tinsel a day in full production, to an annual total of 12 million metres.
Festive Productions is the largest manufacturer of tinsel in the UK and has product showrooms in Cwmbran, Enfield and China.
Festive Productions’ financial controller, Justin Watkins, said: “Due to the seasonal nature of our business we do experience significant peak periods and fluctuations, the funding in place from Allied Irish Bank (GB) is designed to assist us during these times.
“It also provides a platform from which we can consider new growth opportunities, in particular the expansion of our international presence and support recent new contract wins.
“We have experienced fast growth over the last few years and continue to win new business and have recently secured a new contract to supply a major online retailer in the USA.
“The service provided by Allied Irish Bank (GB) has been reliable and efficient and the funding in place will help Festive Productions to perform effectively in a fast-paced environment.”
Donagh Kenny, senior relationship manager at Allied Irish Bank (GB), who structured the working capital facility, said: “Festive Productions operate an impressive business and have secured a fantastic reputation.
“They supply many of the leading high street retailers and have extended their reach globally.
“We are delighted to assist them with their continued growth and day-to-day working capital needs.”