Lloyds’ £8m boosts Sagentia
Lloyds TSB has signed an £8 million loan deal with Sagentia Limited, the Cambridge based technology & product development consultancy.
Sagentia Limited is a subsidiary of Sagentia Group plc, the AIM listed company. The business is looking to use the money to support its acquisition fund as well as ongoing working capital requirements.Sagentia’s management team worked closely with the bank to draw up a five-year facility, structured around the firm’s business strategy as well as incorporating the company’s risk management requirements.Finance director Neil Elton said “Sagentia has seen strong sales growth and margin improvement during 2010. “Along with a successful placing in May, the new loan facility agreed with Lloyds TSB means that the group is in a strong position to further develop the business through acquisition and organic growth. “We look forward to working with Lloyds TSB over the coming years.”With 140 employees working out of its Harston Mill headquarters and further offices in Boston and Hong Kong, the company is a mainstay in what is known in technology circles as the ‘Cambridge Phenomenon’ – a pocket of around 1,000 high technology firms that work closely with Cambridge University. Working in the consumer, industrial and medical manufacturing sectors, Sagentia uses a balance of technological expertise and business insight to develop innovative products for its international client base. Richard Faircloth, from Lloyds TSB Corporate Markets in Cambridge, said: “The management team at Sagentia is eager to expand its operations in the technology sector and we’ve worked in partnership with them to lay the financial groundwork for this growth. “The financial package we’ve put together should enable the business to realise its ambitions and we look forward to developing our already close relationship with this key player in the local economy.“With investment in cutting edge technology being supported by the Government as an important measure in securing Britain’s economic regeneration, firms like Sagentia are expected to be leading economic drivers in the country’s recovery. “Our investment will support the company as it builds on its 24 years in the industry.”