Electrical equipment manufacturer, WES is aiming to extend its operations overseas after purchasing two new machines with support from Lloyds Bank Commercial Banking.
Telford-based WES identified the need to increase its production speed after securing a number of new contracts with North American customers, adding to its existing client base in the UK and Europe.
To support these plans, Lloyds Bank provided a £300,000 asset finance facility to allow the business to purchase a new copper and aluminium continuous extrusion machine, and an electrical insulating taping line.
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Installed at the end of 2015, the new machines will enable the business to increase outputs by 50% and 35% respectively, and have also reduced product delivery time, allowing WES to service customers in a matter of days rather than weeks.
This has put the business in a position to tender for higher profile work, and it’s expected this will result in a turnover increase of 20% on the previous year’s turnover.
Managing director of WES, Mark Robinson commented: “Our niche in the marketplace is speed, so it’s important that we’re constantly looking for ways to either improve our operational efficiency or upgrade machinery so we can consistently provide our customers with a timely service.
“The finance Lloyds Bank provided has allowed us offer a faster service and has also given us the scope to reach more international customers.”
Mark Stokes, manufacturing relationship manager at Lloyds Bank Commercial Banking, added: “When working in a competitive or niche marketplace it’s important for firms to look for ways to broaden their customer base, and this can often mean establishing relationships with customers in new territories.
“The asset finance funding we offered will enable WES to grow into North America and provide them with the opportunity to access further funds against the cost of the machinery giving them the option to increase investment in the business.
“At Lloyds Bank Commercial Banking we are dedicated to helping small businesses, like WES, achieve their ambitions, and have pledged to grow our net lending to them by £1 billion net each year until 2017.”