Swansea-based Lyte Ladders (Lyte) has secured additional funding from Secure Trust Bank Commercial Finance to support its ambitious sustainability initiative. Its current facility will be expanded by £275,000, taking the overall Group facility to £6.35m.
Specialising in premium-grade aluminium and glass fibre ladders and other access equipment, Lyte previously secured funding from Secure Trust Bank Commercial Finance, firstly in 2019 to support an investment by private equity house BREAL. More recently it secured funding to support its merger with leading ladder manufacturer, LFI.
Secure Trust Bank Commercial Finance provides facilities to businesses at a set Loan to Value ratio of 60%, however it made an exception to the rule in this case, based on the strength of Lyte’s performance. This was to assist Lyte with its move to incorporate more sustainable practices, and highlights Secure Trust Bank Commerical Finance’s commitment to supporting a more sustainable business community.
As part of its plans to be more environmentally friendly, the facility will support the installation of solar panels on Lyte’s business premises, including the pre-work required to get the panels fitted, and ultimately saving Lyte 50% a year in energy bills. It comes as part of Lyte’s wider efforts to improve the efficiency of the business, after having already reduced its monthly energy consumption by 30,000 kWh in H2 2023.
Stuart Price, Managing Director, at Lyte Ladders, said: “The extension to our facility from Secure Trust Bank has provided us with crucial capital, allowing us to accelerate our sustainability initiatives. Working with Dillon and the team has once again been a pleasure. They have taken the time to listen to our plans, understand how they can help, and ultimately provide this funding, showing flexibility in making an exception to the rule to support us on the road to becoming more environmentally friendly.
“The team not only supported us in their flexibility, but the process from start to finish also took just two weeks, meaning we were able to access the money quickly and get started on our plans to be more sustainable. We look forward to continuing our partnership with the Secure Trust Bank team, working towards a greener future for our employees and the business.”
Dillon Howey, Relationship Manager at Secure Trust Bank Commercial Finance, said: “It has been brilliant to work with the Lyte team again, providing the business with crucial follow-on funding to support its sustainability plans. It is important to us that we work with businesses that are striving to make a real impact, and that align with our own goals to do better for the planet.
“Our continued partnership with Lyte demonstrates how the flexibility of asset-based lending can support ambitious growth plans, helping businesses to become more environmentally conscious and reduce their energy inputs. I look forward to seeing what the team gets up to next.”
