(l-r) Keith Chadwick, Radshape Sheet Metal, Mark Harnett, Lloyds Bank, Lauro Rodi, Lloyds Bank, Steve Morrall, Radshape Sheet Metal.
A Birmingham sheet metal manufacturer has increased productivity and won a new contract with a leading automotive brand, after securing a funding package from Lloyds Bank Commercial Banking.
Radshape Sheet Metal produces high quality sheet metal for prestigious national and international clients in the automotive sector, including Aston Martin, Morgan and Bentley.
As the business looked to enhance productivity and turn around products at a faster rate, the management team turned to Lloyds Bank to secure an asset finance facility to invest in press brake machines.
The new machinery has allowed the firm to improve customer lead time by two thirds, and has enabled it to secure further contracts.
A £400,000 loan from the bank has also been used to establish an on-site polishing shop to offer a new service to its clients and, along with the contract win, is set to increase annual turnover by over 10 per cent to £5.8mn by 2018.
The move will also create seven jobs, bringing the headcount to 70.
Keith Chadwick, managing director at Radshape Sheet Metal, said: “We are a well-established business and have grown our reputation amongst some big names in the automotive industry in the last 50 years.
“With more cars than ever on the roads, it’s important that we keep adapting to the increased demands of raw materials by ensuring our technology is as modern and efficient as possible. Lloyds Bank’s support has helped us to take the steps needed to maintain sustainable growth.”