David Potter, from Ambic
, which has benefited from Funding Circle, borrowing PS100,000 at a rate three times cheaper than a traditional bank loan
FINANCIAL STRAIN David Potter, Director of AMBIC
Despite a downturn in business caused by the recession, Ambic is currently making a profit, with sales forecast at pounds 1.
Ambic is a profitable company which employs 40 people making furniture for schools and colleges.
For example, Ambic
has a glass/PPS blend, Fuji has combined PTFE and PPS and Nakao Filter Media makes a PEFTE polyamide.
The move to a new building provides Ambic with the opportunity to purchase the larger, essential manufacturing tools that had hindered growth, rearrange their production facilities to increase efficiency and take advantage of energy savings.
DRIVING FORWARD From left, Dominic Duke, senior business manager business and commercial banking in Durham, David Potter, managing director at Ambic Lt and Veronica Chisholm, relationship manager, Lombard.
Managing director David Potter, who set the business up 25 years ago, said: "This expansion will give us the foundations to improve market penetration and export the Ambic
Of these five needled felt manufacturers, Ambic
holds the top position, followed by Fuji and Kureha.
Ltd of the Stella Gill Industrial Estate in Chester-le-Street has been manufacturing fitted furniture for schools all over the North- East for more than 20 years.