Lloyds funding fuels steel firms acquisition and equipment upgrade

Steel service provider Masteel UK has boosted its capabilities with the acquisition of specialist stainless steel business D.S. Willetts and the installation of one of the UK’s first combined water-jet and plasma cutting machines.

Backed by a six-figure funding package from Lloyds Bank, the investment is expected to create five new jobs and support a projected 25% boost in turnover at D.S. Willetts’ West Midlands site, now part of the Masteel group.

The advanced cutting system combines three cutting tools, enabling high-precision results from clean edges to complex angled cuts.

Its standout feature is a cold-cutting water-jet method that avoids heat damage, ideal for materials like stainless steel where preserving structural integrity is critical.

Darren Bradley, CEO of Masteel said: “This latest investment marks another step in our broader, more ambitious growth strategy. We have bold plans to expand both our UK market share and our export reach. With the continued support of Lloyds over the past fifteen years, we’ve been able to scale our operations significantly. The introduction of our water jet cutter has been a game-changer, ushering in a transformative period for the business and allowing us to bring something truly unique and exciting to the market.”

Bradley acquired Masteel in 2021 during the pandemic, recognising the potential in its experienced team and solid foundation. Under his leadership, the company has focused on scaling up and modernising operations.

Sarah Lea-Smith, relationship manager at Lloyds said: “Masteel has come a long way since it was founded back in 2002, and we’re proud to be supporting the business as it continues to grow and move into the next exciting chapter of its journey. From day one, Masteel has shown real drive and determination, qualities that have helped it stand out in a competitive industry.

“Steel production has long been a key part of Britain’s industrial story, and Masteel is a great example of how that legacy continues to evolve. Darren and the team should feel incredibly proud that what started as a small operation in the Midlands has grown into a business with genuine global reach.”