Chancellor of the Exchequer George Osborne today (2 January 2015) paid tribute to a British success story on a visit to Telford.
The Chancellor visited LVS Small Plastic Parts Ltd, a specialist plastic manufacturing firm, to see how government funding has helped the business increase its turnover by over 300% in the last 5 years.
The family business, which was started in 1975, was on the brink of collapse in 2009 at the peak of the financial crisis. With the help of government funding, the business has made huge steps to become a leader in plastic manufacturing, including:
- increasing turnover from just over £1 million in 2010 to a predicted £5 million in 2015
- more than doubling the number of employees from 20 to 55, including 4 apprentices
- securing contracts with major international clients including Jaguar Landrover, Bentley, Triton Showers, Mini and Bacofoil
The firm has been able to grow largely thanks to a £1 million investment in new machinery through the government’s Capital Allowances scheme, which allowed the business to deduct the value of the new machinery from its pre-tax profits.
The firm has also benefited from over £100,000 through the government’s Regional Growth Fund, as well as nearly £25,000 through the Business Innovation Programme.
Chancellor of the Exchequer George Osborne said:
Britain’s businesses are the lifeblood of our economy, which is why a key part of our long-term economic plan is helping Britain’s businesses grow and succeed.
There are firms up and down the country who are working hard every day to get their business off the ground or to grow further.
It’s great to visit another of these firms today, LVS Small Plastic Parts Ltd, which has turned itself around in the last 5 years to become a brilliant local success story. I’m incredibly proud of firms like them which is why I’ve made sure that, wherever we can, we’ve taken action as a government to back them.
Simon Anderson, Managing Director at LVS Small Plastic Parts Ltd, said:
It is fantastic to have the Chancellor visit Telford and acknowledge the efforts and contribution to the economy of a SME business like LVS Small Plastic Parts Ltd.
The success of our company has been built on the hard work and flexibility of our staff. I’m exceptionally proud of their dedication, including the outstanding work of our apprentices. Regional Growth Fund support has been key to getting the right people in the right jobs, and has helped us make the right investments to reshore product manufacturing from the Far East.