Pictured: (l-r) Hannah Alexander (LTSB Commercial) and Cheryl Jennings (TM Factors)
A Hereford-based car parts business has moved into new premises and created four new jobs, with support from a loan from Lloyds TSB Commercial.
TM Factors Ltd is a family business established in 1986. The company supplies and delivers car and light commercial vehicle parts to customers across the region including garages, car dealers, local councils and factories.
The business moved from its previous premises on Aydon Industrial Park, Holmer Road in October to the new site on Hereford Trade Park, Holmer Road which has been purposely fitted out with new offices and a larger warehouse because of increased demand for its products.
A European Investment Bank (EIB) loan from Lloyds TSB Commercial enabled the business to purchase the new 5000 square foot site, which has allowed the firm to increase its stock capacity by 50 per cent.
Lloyds TSB Commercial also provided a property investment loan to fit out the new premises, including investing in new IT infrastructure to facilitate continued expansion. TM Factors plans to open a further two new depots in the future which they expect to help double its turnover in the next five years.
Cheryl Jennings, director at TM Factors, said: “The business has come a long way in the last 25 years and this most recent move is just another step towards our plans for further growth.
“We pride ourselves on being a family-run business and this is reflected in our service. Our customers come back to us because we provide a personal service that is really appreciated, and if this strong period of growth continues, we will look to purchase further premises across the region.
“It is great that we have been able to provide more employment opportunities for people in Hereford and our relationship with Lloyds TSB Commercial has been intrinsic in enabling us to deliver a high quality of service at a greater scale. The bank has provided the guidance and support we needed, as well as the funds to finance our expansion ambitions.”
Hannah Alexander, relationship manager at Lloyds TSB Commercial, said: “TM Factors has a robust business model in a strong industry. Cheryl and her team have fantastic relationships with their contacts within the wider business community, and these have led to an increase in orders.
“The new premises give them the head room to not only fulfil the orders that come in, but also to go out and secure new revenue from previously untapped markets.
“Lloyds TSB has secured a further tranche of funding worth £150 million from the European Investment bank, which will provide a further source of finance for customers at discounted rates. It is businesses such as TM Factors that can benefit from this type of financial support.”