Manufacturer to create new jobs after landing finance facility
A specialist springs and pressings manufacturer based in Redditch has invested in four new Computer Numerical Control (CNC) machines after landing an asset finance facility worth £420,000 over a two-year period, provided by Lloyds Bank Commercial Banking.
Vernier Springs and Pressings, which produces a diverse range of products, including torsion and compression springs for the automotive sector, power tools and various hardware and electrical components, expects to increase its annual output by up to 10% as a result of the investment.
Vernier Springs, which operates two sites in Redditch, produces springs and pressings for more than 120 customers worldwide. Exports account for around 55% of the business’s annual turnover. The firm says most of the additional turnover generated by the investment will come from export sales.
The privately-owned firm expects the new installations to boost its annual turnover by 5% in 2019 and expand its sixty-strong team with an additional four employees.
Wayne Hawkins, managing director at Vernier Springs and Pressings, said: “Over the past year we have seen increased demand for our services from our customers both in the UK and abroad. In order to accelerate our growth to meet their requirement it was vital for us to increase our capacity by investing in our manufacturing capability.
“The support and guidance the Lloyds Bank team provided was invaluable. They understand our business model and helped us to outline a plan for achievable, sustainable growth to meet our customers’ demands. We look forward to working with the team as we continue our growth journey.”
Julie Cranmer, associate director of asset finance in the Midlands at Lloyds Bank Commercial Banking, said: “Vernier Springs and Pressings has established a burgeoning reputation both in its home markets and globally. Our asset finance package has provided the business with the means to boost its productivity in order to meet growing demands while maintaining the high-quality final product that has made the firm so successful.”
