A Birmingham-based manufacturer of glazing products is increasing productivity and expanding its product offering with specialist new machinery after securing a £650,000 funding package from Lloyds Bank Commercial Banking.
Abcell, established in 1991, makes a range of high-performance glass products at its four sites in the West Midlands, including conservatory roofs, insulated units and bi-fold doors. It supplies over 150 businesses across the UK.
Now, thanks to a £650,000 asset-based lending facility from Lloyds Bank, the firm has unlocked capital tied up in existing assets to fund the purchase of two specialist graft welder machines from Italy.
The new equipment will enable the business to increase productivity and expand its range of products to capitalise on a rising demand for ‘warmcore’ bi-fold doors, which increase insulation performance and reduce fuel bills.
The £8m turnover business now expects sales to increase significantly over the next year. The new machinery has created six new jobs at the now 61-person-strong company.
Paul Ford, managing director at Abcell, said: “This is a major investment for us and one that will help us to accelerate our growth over the coming months and years.
“We’ve banked with Lloyds for many years so they know our business well. The team quickly helped us to arrange the finance so that we could capitalise on the growing demand for high-performance glazing products from our customers across the UK.”
Mark Harnett, relationship manager at Lloyds Bank Commercial Banking, said: “It’s great to see specialist businesses like Abcell flying the flag for the Midlands’ manufacturing sector. Confidence in the region is strong, and more companies are looking for ways to take advantage of positive market conditions.
“Ensuring that local manufacturers like Abcell have the right funding and guidance is one the ways we’re helping Britain and the Midlands prosper, and to underline this, we have pledged to grow our SME net lending by at least £1billion until the end of 2017.