Paragon provides £135,500 CBILS funding to Powys-based manufacturer
The CBILS loan has enabled Hadley Hargreaves to recover from cash flow issues and losses as a result of the pandemic. It has also provided funds to purchase additional machinery, expanding the production capabilities of the business.
Paragon has supported the Presteigne-based business since 2016 through invoice and asset finance, which enabled Hadley Hargreaves to become manufacturers of their own blow moulding, rather than subcontracting the process and led to the business approaching Paragon for further support.
Hadley Hargreaves manufactures windscreen wash and wipe systems for low volume (less than 30,000 vehicles per year) vehicle manufacturers, including JCB and Lotus. With over 25 years’ experience in moulding, the business produces windscreen washer bottles as its core business. It is now diversifying into the provision of blow moulding services to non-automotive companies and the development of bio-degradable blow moulded products.
Mike Jones, director at Hadley Hargreaves, said: “This funding has supported the business through a challenging period, but more positively to invest in new equipment to grow the company going forward.”
“We have a long-standing relationship with Paragon. Paragon offers much more flexibility than high street banks. The team really gets to know your business and this allows them to provide guidance and lending based on knowledge, rather than on a computer-generated figure.”
To date Paragon has lent over £7m to UK SMEs through CBILS, with a number of deals in the pipeline due to complete.
Adrian Taylor, head of invoice finance at Paragon, said: “We are extremely glad that we can support our customers through challenges presented by the pandemic. Our strong relationship with Hadley Hargreaves has meant that we have been able to provide ongoing support, tailored to their needs, both prior to the coronavirus pandemic and during.”