A tooling manufacturer in Cannock has purchased two new pieces of machinery enabling it to pursue its growth ambitions, with the support of a £72,000 loan from Lloyds Bank Commercial Banking.
RLS Tooling established in 1989 manufacturers tools used to produce screws and bolts, and supplies to businesses across the UK, with export operations in Europe, China and the USA.
The business, located on Walsall Road, recognised an increasing demand for its products, from clients both in the UK and overseas, and identified the need to invest in additional machinery in order to increase its production capacity to meet this demand.
It approached Lloyds Bank Commercial Banking, which provided the loan to support the purchase of another cylindrical grinding machine and blank making machine, enabling it to increase the production of its components by 10 per cent.
Funding was granted using the Funding for Lending Scheme (FLS) through which customers can receive competitively priced lending.
Lloyds Banks Commercial Finance team has also provided the business with a funding facility to help generate working capital as it works to achieve its long term growth stratefy.
RLS Tooling employs 18 people and has a turnover of circa £1.5 million. Following the purchase of the machinery, it now plans to increase its export operations by targetting contracts in new markets, with plans to increase its workforce in the next six months.
Roger Smith, director at RLS Tooling said: the investment in new machinery has been vital to enable us to meet the increasing demand for our products from the UK and overseas markets, and keep ahead of our competitors.
The team at Lloyds Bank has played a fundamental role in helping us make this investment and we now look forward to continuing to grow the business and our export operations, whilst also creating additional local jobs.
Christopher Briggs, Relationship Manager at Lloyds Bank Commercial Banking, said: This recent investment in new machinery highlights the business ambitious plans for growth, allowing it to produce an increased amount of its products to meet existing demand, as well as providing it with the production capacity to secure contracts in new markets.