£90k loan enables manufacturer to meet test kit demandOct 09, 2020
A PLASTIC injection moulding company has invested in a new metal moulding tool capable of producing 50 million Covid-19 antibody test kits a year, after securing a £90,000 loan.
To meet the demand of Covid-19 antibody test kits, Adreco Plastics has used the funding from HSBC UK through the Coronavirus Business Interruption Loan Scheme to invest in new equipment (pictured below) that will increase its moulding production capacities from 250,000 plastic cases a year to 36 casings every ten seconds, the equivalent of more than one million devices a week.
The company, founded in 1997 and based in Bletchley, has secured a new contract from one of the UK’s leading medical and technology companies to manufacture individual plastic casings for 50 million Covid-19 antibody test kits.
Adreco chief executive Sam Hill said: “Thanks to the support, we can produce the mass levels of the antibody test kits required and play our part in the potential solution to the Covid-19 pandemic. It is certainly one of the proudest moments in our 43-year history.”
HSBC UK’s South Midlands area director Neil Beattie said: “The new mould will not only enable Adreco to provide large volumes of the Covid-19 antibody test kits but will also enable them to increase production to support other sectors and customers in the future.”
Adreco Plastics also has toolmaking facilities in China.