Birmingham firm increases productivity with support from Lloyds Bank
A Birmingham sheet metal manufacturer has increased productivity and won a new contract with a leading automotive brand, with the support of a financial package from Lloyds Bank Commercial Banking.
Radshape Sheet Metal produces high quality sheet metal for prestigious national and international clients in the automotive sector, including Aston Martin, Morgan and Bentley.
As the business looked to enhance productivity and turn around products at a faster rate, the management team turned to Lloyds Bank to secure an asset finance facility to invest in press brake machines.
The new machinery has allowed the firm to improve customer lead time by two thirds, and has enabled it to secure further contracts.
A £400,000 loan from the bank has also been used to establish an on-site polishing shop to offer a new service to its clients and, along with the contract win, is set to increase annual turnover by over 10 per cent to £5.8mn by 2018.
The move will also create seven jobs, bringing the headcount to 70.
Keith Chadwick, managing director at Radshape Sheet Metal, said:
“We are a well-established business and have grown our reputation amongst some big names in the automotive industry in the last 50 years.
“With more cars than ever on the roads, it’s important that we keep adapting to the increased demands of raw materials by ensuring our technology is as modern and efficient as possible. Lloyds Bank’s support has helped us to take the steps needed to maintain sustainable growth.”
Mark Harnett, relationship manager for manufacturing in the Midlands, said:
“Radshape Sheet Metal has banked with Lloyds since day one, and through a series of tailored funding packages, we’ve supported the business as it has won more and more business with renowned global customers, helping Britain to prosper.
“Lloyds Bank’s recent automotive sector report shows that automotive manufacturers in the Midlands are forecasting a 13 per cent growth in turnover in the next two years. Radshape Sheet Metal is set to play a big part of that industry growth.
“Our expert manufacturing team is committed to supporting ambitious firms like Keith’s, which is why we’re providing £1.2bn of new funding to the manufacturing sector, exceeding our £1bn pledge for 2016.