Allen Gears, which designs and manufactures high-performance gearboxes, has agreed a multi-million-pound finance deal with Lloyds TSB. The company, which is based in Pershore, near Worcester, and specialises in gearboxes for the industrial and marine sectors, will benefit from a bank guarantee facility which will give it the space to grow and develop.

Paul Cartwright, financial director and co-owner of Allen Gears, said: “We have come to know the team from Lloyds TSB well over the past couple of years. They suggested this tailored trade finance package, which really suits the international nature of our business. It gives us the footing we need to keep moving the business forward.”

Established in 1948, Allen Gears has been based in Pershore since 1956 and was acquired by Rolls-Royce in 1989. Twenty years later, the directors launched a management buy-out from Rolls-Royce, appointing Lloyds TSB Corporate Markets as the company’s clearing bank.

Darren Baker, relationship director at Lloyds TSB Corporate Markets, said: “Allen Gears has grown over its 50-year history to become a leading specialist in its field. The strong management team is ambitious, and we are pleased to be supporting them with this deal.”