Severn Glocon Group secures Lloyds lending assistance

Severn Glocon Group has secured a £32m finance package from Lloyds Bank Commercial Banking to support its continued global expansion.

The lending has been provided by Lloyds Bank using funding from the government-backed Funding for Lending Scheme (FLS), which is designed to help businesses take advantage of reduced borrowing costs.

Earlier this year, the business secured a contract to supply 536 engineered control valves to the processing plant on the Ichthys LNG Project, one of the largest construction projects to date in Australia’s Northern Territory.

The project is said to represent one of the largest and most technically challenging contracts in the firm’s 50 year history, with Severn Glocon’s technical specialists developing bespoke value designs that are currently being produced at the firm’s head office in Gloucester and at its manufacturing plant in Chennai, India.