Blackwood-based Pensord Press, one of the UK’s leading magazine printing companies, has secured a £3.2m funding package from HSBC which will enable it to expand into new industry markets and invest in new equipment.

Pensord has used part of the funding from HSBC to purchase a state-of-the-art colour printing press, enabling the business to realise its growth ambitions over the coming years by further improving the plant’s efficiency.

The new investment will also increase Pensord’s capacity and enable the business to offer a high level of quality and performance, providing the company with access to industry markets it was previously unable to operate in.

Darren Coxon, managing director at Pensord Press, said: “This deal is part of an important strategic milestone for our business. The new press not only enables us to improve the high quality service we already offer our customers but it will also create new revenue streams for us which will help us grow the business in areas we previously haven’t been able to operate in.”

Warren Lewis, HSBC’s head of corporate banking in Wales, said: “Although the printing industry has seen a lot of change in recent times, Pensord has adapted and developed its business to maintain its outstanding reputation in the marketplace. This deal provides the financial support necessary to ensure Pensord remains at the forefront of the industry now and in the future.”

From its headquarters in Blackwood, Pensord prints around 400 regular magazine titles. The firm employs 150 people and has a turnover in excess of £12m.