LIVERPOOL’S oldest established manufacturer will modernise its facilities and invest in new plant to increase capacity, after winning the regional heat of a national business competition.

Toxteth-based lubricants specialist RS Clare has won the North West HSBC Business Thinking prize, which provides access to up to £6m of discounted loans.

The firm, which was established 264 years ago, beat hundreds of regional contenders.

Fourth generation chief executive and chairman Ian Meadows said: “To have won a Queen’s Award for Enterprise this year was a fantastic accolade for the whole workforce, who have transformed our business in recent years, but this prize will enable us to modernise our factory and equip it with the latest equipment to optimise efficiency and increase capacity.”

He added: “At a time when funding is hard to come by, a discounted loan of up to £6m is very welcome. Our reputation as a specialist lubricant and surface coatings manufacturer will now be further enhanced as we penetrate the world’s fastest growing markets in Brazil, Russia, India and China.”