A specialist manufacturer of armchair mechanisms is set to boost production and increase its exports to Europe, with support of a six-figure funding package from Lloyds Bank.
Swansea-based Seminar Components bought two new robotic welding machines using a £200,000 hire purchase and leasing facility from Lloyds Bank.
The management team recognised that it needed to buy the machinery after experiencing increased demand from customers in Europe.
As a result of the investment the firm will increase production by 25 per cent by the end of 2017.
Seminar Components manufactures lift and recline mechanisms used in armchairs, working with customers in the healthcare sector across the UK and Europe.
Philip Lempriere, finance director at Seminar Components, said: “We only started exporting in 2015 and we’ve been overwhelmed by the response to our products.
“Sales have increased by nearly a third in the past two years alone driven by an increase in exports, which now account for 16 per cent of all sales.
“We want to continue to build on this success and the new machinery will provide us with the increased capacity needed and enable us to make our
production process more efficient.
“We’ve worked with Lloyds Bank for more than 20 years and the relationship team has been integral to our success, providing the export support we’ve needed to successfully expand.”
Lesley Williams, regional director at global transaction banking at Lloyds Bank, said: “Seminar Components has capitalised on the range of opportunities that exporting can offer, and has created successful relationships that have significantly boosted sales.
“Hire purchase and leasing products enable firms to invest in new machinery without effecting day-to-day cash flow, and are perfect for manufacturing firms that are looking to expand.
“As part of our commitment to help manufacturing firms across Britain prosper, we have pledged to provide the sector with £1 billion of new lending in 2017.”