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Pittards, the leading British leather and leather goods’ manufacturer, has repurchased its own, Yeovil Tannery, with the aim of accelerating its expansion plans.
The purchase was backed with the support of a £2.1million (US$3.3 million) funding package from the UK commercial bank, Lloyds. 90% of Pittards’ business sales are done internationally and, by increasing its manufacturing capability, the company plans to expand the number of markets it trades in and to grow its annual turnover of £34.7million (US$54.3 million).
The Sherborne Road tannery was built in 1964 specifically for Pittards, but a sale and lease back of the property was done in 2007. By regaining ownership, the business can now expand its productivity as and when necessary. “The tannery was built to our specifications over 50 years ago, and to give us the freedom to expand and update our current operations in line with customer demand, we needed to buy back the freehold of the property”, states Jill Williams, Finance Director at Pittards.
Both businesses are based in Yeovil, south west England. The tannery produces high quality leathers for gloving, footwear, luxury leather goods and sports equipment and accessories. Its global client base includes FootJoy, Nike, and Brasher Berghaus.
Pittards has manufacturing operations in Ethiopia, where it benefits directly from raw material supplies. It employs 210 people in Yeovil and expects to create further job opportunities in the near future.