The funding, which includes an asset-based lending component, provides the Oxford-headquartered group with capital to support its day-to-day operations and additional finance to develop growth in international markets.
Timbmet Global, which now generates almost 10% of total group sales, sources and supplies timber products direct to end users in Europe, Asia and the Middle East.
The group is targeting further international growth, particularly in emerging markets that are unaffected by problems in the Eurozone.
Paul Rivers, chief operating officer of Timbmet Group, said Lloyds’ innovative solution persuaded the company to leave its existing banking provider and move to the Thames Valley-based Lloyds team.
“We’re looking for a long-term relationship with a banking provider who understands our market and specific finance requirements,” he said.
“Lloyds Bank structured a bespoke financial package that supports our day-to-day needs and provides us with the headroom to grow our international operations.”
The Group, which has a turnover of £85m and 287 employees, specialises in the distribution of hardwood timber and panel products, including TEC (Timbmet Engineered Components) and manufacturing services.
Five years ago Timbmet launched a global division to supply timber products to an international network of customers.
The company recently reported an £8.1m pre-tax annual loss, largely the result of a writedown on property values.
