Walsall-based wheelbarrow manufacturer, the Walsall Wheelbarrow Company, has secured a funding package worth £500,000 of funding from Lloyds Bank.
The 20-year-old firm, which sells its products both to distributors and directly to retailers like B&Q and Screwfix direct, has invested in new machinery to increase productivity.
The manufacturer is also poised to expand to bigger premises as part of its growth plans.
Director Jonathan Thacker said: “We realised that in the face of international competition we needed to increase our output levels, and the purchase of new machinery has given us that extra capacity to more than double our productivity.
“Thanks to the support provided by the bank, we can now make a greater number of wheelbarrows whilst maintaining the high mark of quality associated with our brand, and the next stop for us is purchasing a larger premises in the Wednesfield area to accommodate our growing operations.”
Lauro Rodi, regional manager at Lloyds Bank Commercial Finance, said: “With the Walsall Wheelbarrow Company experiencing high demand for its products in a competitive market, the asset based lending facility is ideally suited to its lending needs as it will effectively lift its cash flow restrictions, and provide it with a strong platform for growth, without putting pressure on its working capital.”
The firm received funding in 2008 from Lloyds Bank Commercial Banking to support the buyout of Thacker Barrows.