Leading Ruislip paper merchant AM Trading is targeting further growth following agreement on a new £850,000 funding package with Clydesdale Bank.

The firm trades in paper stock lots including surplus stock and downgraded paper which it purchases from mills and other suppliers and then exports primarily for use in the Indian market.

The £850,000 funding from Clydesdale Bank which comprises trade import, overdraft and foreign exchange facilities for buying and selling currency, will support AM Trading’s plans for further growth in overseas markets.

The deal was facilitated by David Manlove, Relationship Manager - Small and Emerging Business and Adrian Goode, Manager - International Trade, at Clydesdale Bank’s St Albans Business and Private Banking Centre.

AM Trading, which was founded in 2009 and has six employees, had a turnover of nearly £5 million last year.

The business is headed by managing director Arun Monga. He commented: “We see real potential to grow the business further, particularly within the Indian market, and we are targeting turnover of £7 million in the year ahead.

“The flexible nature of the facilities which Clydesdale Bank has been able to offer us, their specialist knowledge of international trade and their focus on creating a strong personal relationship with us in order to understand our business has been extremely welcome.”

David Clarke, Head of Clydesdale Bank’s Business and Private Banking Centre in St Albans, said: “Under Arun’s leadership, AM Trading has enjoyed consistent growth and we look forward to supporting the firm further as they embark on this latest phase of expansion.

“Clydesdale Bank remains focused on investing in the growth ambitions of the local business community.”