MANUFACTURER SECURES SIX-FIGURE FUNDING BOOST WITH LLOYDSMember News
Lloyds Bank has provided a Redditch manufacturer with a six-figure funding boost to help it expand.
Vernier Springs and Pressings, which produces a diverse range of products including torsion and compression springs for the automotive sector, power tools and various hardware and electrical components, has been backed by an asset finance facility worth £420,000 over a two-year period.
It has used the money to buy four new computer numerical control machines and said it expects to increase its annual output by up to 10 per cent as a result of the investment.
The privately-owned firm expects the new installations to boost its annual turnover by five per cent in 2019 and expand its 60-strong team with an additional four employees.
Managing director Wayne Hawkins said: "Over the past year we have seen increased demand for our services from our customers both in the UK and abroad.
"In order to accelerate our growth to meet their requirement, it was vital for us to increase our capacity by investing in our manufacturing capability.
"The support and guidance of the Lloyds Bank team provided were invaluable. They understand our business model and helped us to outline a plan for achievable, sustainable growth to meet our customers’ demands. We look forward to working with the team as we continue our growth journey."
Julie Cranmer, associate director of asset finance in the Midlands at Lloyds Bank Commercial Banking, added: "Vernier Springs and Pressings has established a burgeoning reputation both in its home markets and globally.
"Our asset finance package has provided the business with the means to boost its productivity in order to meet growing demands while maintaining the high-quality final product that has made the firm so successful.
"Our team will continue to support local businesses like Vernier Springs and Pressings to achieve their ambitions for growth as part of our ongoing commitment to helping Britain prosper."