Coventry-based tooling manufacturer, Marrill Limited, is to create 15 new jobs after securing a £1million funding package from Lloyds Bank to grow its operations in the West Midlands.
The business specialises both in the design and manufacture of press tooling and high volume metal pressings. It supplies both tooling, pressed and lasered components to high profile clients, which include Jaguar Land Rover, Aston Martin, Nissan, Honda and JCB.
After experiencing an increase in demand from the region’s automotive sector, Marrill Limited switched to Lloyds Bank Commercial Banking from its previous banking provider, and was referred to the bank’s Commercial Finance team to support the growth of its workforce with a working capital facility.
The funding package will enable the business to take on new staff at its Coventry and Gateshead plants, introducing a third shift in order to meet the demand for its components. The business now has 170 employees and an annual turnover of £15million.
Paul Griffin, head of finance at Marrill Limited, said: “The automotive sector continues to experience steady growth and we’ve seen an increase in the demand for our components from firms in the region.
“The funding from Lloyds Bank has helped release the constraints on our working capital so we can employ additional staff, and our turnover is set to increase by 20 per cent, which means we’ll be continuing on a really positive growth trajectory.
Martin Rowe, manager at Lloyds Bank Commercial Finance, said: “The working capital facility has provided Marrill Limited with a safeguard to ensure it can maintain a healthy cash flow whilst growing its workforce. With more staff, the business will be able to fulfil the growing quantity and size of its contracts.”
Grant Warren, relationship director, manufacturing team, at Lloyds Bank Commercial Banking, said: “Automotive manufacturing is a staple element of the region’s economy here in the Midlands, and as car manufacturers continue to invest in their facilities it will have a positive impact for firms down the supply chain.
“By increasing capacity in its Coventry facility, Marrill Limited will be able to replicate the success of its Gateshead operation. At Lloyds Bank we’re dedicated to supporting businesses like this, which is why we’ve pledged to grow our net lending by at least £1billion to SMEs every year until the end of 2017.”