Manufacturer invests £500,000 to boost production by 20%
A BLACK Country engineering firm has invested in new machinery to increase its production capacity after securing a £500,000 funding package.
Established in 1919, Moseley Brothers specialises in the design and manufacturing of pressed metal parts and tooling for the automotive, domestic appliance and aerospace markets. Customers include Jaguar Land Rover and JCB.
Following an increase in demand for its products as a result of its growing target markets, the Dudley business approached long-term banking provider Lloyds Bank for support.
The Commercial Finance team provided an asset finance facility which allowed the business to buy two new power press machines to manufacture components and prove tooling.
As a result, the firm’s production capacity has increased by 20%, and its annual turnover is now expected to increase from £3m to £5m in the next two years.
The business’ most recent investment follows on from its move to a 34,000 sq. ft. site on Narrowboat Way in September 2015, which was also funded by Lloyds Bank. The relocation gave it the space for additional machinery which meant that they could meet rising demand from both existing and new clients.
In line with its expansion, the business has employed 12 new members of staff, bringing its total headcount to 40 people.
John Hickman, managing director of Moseley Brothers, said: “After moving to a bigger space, buying new machinery was the next step in our long-term vision for the business, ensuring we have the resource and capabilities to continue to grow and explore new avenues to market, as well as tap into further opportunities within our existing client base.
“Our long-standing relationship with Lloyds Bank has been an integral driver to our success, providing us with both the capital and expertise to ensure we have a platform for growth.”
Mark Meakin, relationship manager at Lloyds Bank Commercial Banking, said: “Manufacturing is at the heart of the Midlands economy, driving growth and generating job opportunities. We offer facilities like asset finance to enable firms like Moseley Brothers to grow without impacting their working capital.”
