Halesowen-based manufacturer of vehicle recovery equipment, Oxyburn has purchased an additional premises and new machinery to further business growth, thanks to a £125,000 funding package from Lloyds Bank.
Founded almost 15 years ago, Oxyburn Limited produces vehicle recovery equipment including tilt and side; beaver tails; HGV under-lifts, and customised curtain sided units.
The business approached Lloyds Bank Commercial Banking to support the purchase of 980 sqft premises adjacent to its existing site, which is currently being converted into an accident repair centre for vehicle body repairs and re-spraying.
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Oxyburn also received an asset finance facility from Lloyds Bank’s Commercial Finance team to fund the purchase of a 160 tonne 5 axis’s CNC hydraulic press, employed in forming sheet metal for the manufacture of vehicle body platforms.
The machine has enabled the business to increase its output by 20%, while leveraging the finance facility ensured the purchase didn’t impact working capital.
According to Oxyburn, it plans to continue to invest in equipment to grow its capacity as it looks to increase its turnover by 35% over the coming three years.
The firm’s business manager, Rhiddian Billingham explained: “It has been a long-term strategy of ours to add an accident repair arm to the business so we can provide a ‘one-stop-shop’ service to our customers.
“The funding from Lloyds Bank has been the driving force in enabling us to do so, and the investment in additional machinery has given us the capacity to further explore expansion opportunities, both with new and existing clients.
Relationship manager at Lloyds Bank Commercial Banking, Rob Taylor added: “Oxyburn Limited is an example of an ambitious firm with a clear growth strategy, and the two-fold investment will ensure it has the capacity and service offering to continue growing its client base.
“We are dedicated to helping companies capitalise on expansion opportunities, and have increased our lending to small and medium-sized businesses by 26% since 2011, while the market has contracted by 13%.”