Plura Innovations, a Wirral-based advanced manufacturing company, has secured £350,000 funding to extend its facilities. The firm will be using for this expansion the backing from NPIF – FW Capital Debt Finance, part of the Northern Powerhouse Investment Fund.
Plura develops products made from recycled plastic and composite materials and has previously used a facility in China. “Bringing our manufacturing back to the UK brings production closer to what will be our largest market and also cuts costs. We can control the raw materials better as they are more readily available and much better quality here,” said Andrew Wright, managing director.
Plura Innovations’ products include innovative security fencing which is safe to use as they don’t conduct electricity. “This is really important particularly to companies that have workers on sites and members of the public nearby, where there is a high risk of electrocution such as in the rail and power sectors,” explained Andrew.
The funding was needed to increase the company’s manufacturing capacities and invest in live testing sites. Moreover, it will enable the company to launch its lightweight, but strong pre-formed access chamber system in the UK. Andrew added: “We expect to see strong growth over the next two years with business increasing significantly.”
“Plura has been set up by a high calibre management team all of whom come from large companies in this sector and bring with them a wealth of experience and expertise,” said FW Capital senior investment executive, Simon Berry.
“They are also extremely committed having injected a significant sum of their own cash towards building up the business and we were therefore very happy to add our support through this investment,” he added.