A Wolverhampton-based steel manufacturer is to increase its capacity and expand its product range after receiving funding support from Lloyds Bank Commercial Banking.
Since 1928, Steelway Fensecure has provided steel fabrications for a wide variety of sectors and has a growing number of clients in the nuclear, water, gas, rail, and defence industries across the UK.
Its expertise lie in the creation of steel flooring, staircases and fencing, as well as in the manufacturing of specialist, sophisticated products for nuclear and rail infrastructures.
The company turned to the bank to secure funding to purchase a laser steel-cutting machine and new press brake.
A £500,000 asset finance facility from the bank allowed the business to spread payments over an agreed term for the new machines, which cut and bend steel sheets.
Steelway Fensecure has a turnover £12m and currently employs 160 workers across its two plants in Wolverhampton and West Bromwich.
Dan Houghton, managing director at Steelway Fensecure, said: "The new machinery not only increases our capacity but also allows us to increase our product offering, making us more competitive in a crowded market.
"For the past eight years, Lloyds Bank has understood and supported our ambitions as we’ve grown as a business."
Mike Middleton, relationship director for SME manufacturing at Lloyds Bank Commercial Banking, said: "Steelway Fensecure is a long-standing business and a trusted expert in the sector. Our expertise within the manufacturing sector have helped us to support the business and its growth plans over the past eight years and we’re looking forward to continuing this support in the future.
"We’re committed to helping Britain prosper by supporting small-to-medium sized businesses like Steelway Fensecure enjoy consistent growth, which is why we’ve increased our net lending to SMEs by 32 per cent over the last six years."