Engineering firm, Moseley Brothers Limited has invested in new machinery to increase its production capacity with the support of a £500,000 funding package from Lloyds Bank.
Established in 1919, Moseley Brothers Limited specialises in the design and manufacturing of pressed metal parts and tooling for the automotive, domestic appliance and aerospace markets. Customers include Jaguar Land Rover and JCB.
Following an increase in demand for its products as a result of its growing target markets, the business approached long-term banking provider Lloyds Bank.
The Commercial Finance team provided an asset finance facility which allowed the business to buy two new power press machines to manufacture components and prove tooling.
As a result, the firm’s production capacity has increased by 20%, and its annual turnover is now expected to increase from £3m to £5m over the next two years.
The business’ most recent investment follows on from its move to a 34,000 sqft site on Narrowboat Way in September 2015, which was also funded by Lloyds Bank.
The relocation gave it the space for additional machinery which meant that they could meet rising demand from both existing and new clients.
In line with its expansion, the business has employed 12 new members of staff, bringing its total headcount to 40.
Managing director of Moseley Brothers, John Hickman explained: “After moving to a bigger space, buying new machinery was the next step in our long-term vision for the business, ensuring we have the resource and capabilities to continue to grow and explore new avenues to market, as well as tap into further opportunities within our existing client base.
Mark Meakin, relationship manager at Lloyds Bank Commercial Banking, commented: “Manufacturing is at the heart of the Midlands economy, driving growth and generating job opportunities.
“We offer facilities like asset finance to enable firms like Moseley Brothers to grow without impacting their working capital.
“We have a dedicated team of specialists here at Lloyds Bank who have an in-depth knowledge of the sector, and as part of our wider commitment to small and medium-sized firms, we have pledged to grow our net lending by at least £1bn every year until the end of 2017.”