A Staffordshire manufacturer of bespoke kitchen, bedroom and bathroom furniture has purchased additional machinery to help it fulfil its growth plans, with the support of a £337,000 funding package from Lloyds Bank.
Getley UK Limited, which supplies independent high street retailers with cabinet units, identified the need to increase its production capacity in order to meet the demand of its growing customer base.
The business approached its banking provider, Lloyds Bank Commercial Banking, which referred it to its Commercial Finance team. They provided a hire purchase facility to support the acquisition of a new CNC drilling machine, which drills holes in panels, and two new edgebander machines to apply the edges of panels to units, to form kitchen cabinets.
Additional funding of £84,750 was secured through the Regional Growth Fund (RGF) which supports businesses looking to invest in new assets and create economic growth and local jobs.
Following the purchase, the business was able to radically increase its production capacity, with its yearly output levels set to increase from 39,000 to 46,000-50,000 cabinets.
The business, which has an annual turnover of circa £4.2million, now predicts an increase in sales of around £800,000 to £900,000 per year. It currently employs 41 members of staff, and plans to take on an additional eight people following the installation of the machinery.
Mark Getley, owner of Getley UK Limited, said: “The investment in new machinery will enable us to manufacture approximately 7,000 more cabinets per year, giving us the capacity to meet customer demand as well as secure new contracts, which would not have been possible without Lloyds Bank’s support.
“Once the new machinery is installed we will be close to reaching our current buildings’ capacity, so we are looking to invest in a new, larger premises in the next twelve months to cater for our growing size.”
Mark Meakin, Relationship Manager at Lloyds Bank, said: “Getley UK Limited produce quality furniture which is highly regarded amongst its trade customers, and the demand for its products is ever increasing.
“The investment in additional machinery will ensure that the business can continue to expand and with plans to move to a larger premises already in place, it highlights its clear growth strategy for the future.”
Ian Littleford, Regional Manager at Lloyds Bank Commercial Finance said: “The hire purchase facility has enabled the business to invest in additional machinery, without putting pressure on its working capital, giving it a strong platform to continue fulfilling its growth ambitions.”