A Bromsgrove stainless steel business has secured its head office site and purchased new machinery, with support of a £1.8million funding package from Lloyds Bank Commercial Banking.
UKF Group manufactures a range of steel products, such as welded stainless steel tubular components and exhaust tubes, across four operating divisions that include UKF Stainless, The Joint Perforating Company (JPC), Ferrari Stainless & Alloys and Stainless Metal & Alloys.
Since 1992, the business has established a strong client base in the UK and Europe, particularly with automotive companies and domestic appliance manufacturers.
The Group recently secured a £1.35million loan from Lloyds Bank to purchase the rented site it operates from on Buntsford Park Road. This has enabled the business to take ownership of its established head office and focus on further investment and growth.
UKF Group has also received a £450,000 asset finance facility from Lloyds Bank to purchase a new, state-of-the-art laser cutting machine. The business can now expand its product offering to customers without impacting day-to-day cash flow.
The new machinery has enabled the company to make sophisticated, laser-cut tubular parts that will help it to undertake new work from clients in the automotive sector, with ambitions to increase annual turnover by 10 per cent in the next year.
Phil Morris, Group Chairman at UKF Group, said:
“Purchasing our premises in Bromsgrove has given us the financial headspace to focus on our growth. The new machinery is our latest investment and will help us to differentiate ourselves in a crowded market by providing even more products and services to our clients.
“We’ve been banking with the team at Lloyds Bank for the past 13 years and they’ve played an important role in our growth and expansion. Their support and guidance has been invaluable in this next step for our business.”
Grant Warren, Relationship Director at Lloyds Bank Commercial Banking, said:
“Specialist manufacturers like UKF Group are flying the flag for businesses in the Midlands and playing their part in boosting the local economy. It’s great to be supporting this long-standing customer in fulfilling its growth ambitions and further establishing its site in Bromsgrove.
“Ensuring that businesses like UKF Group have the right funding and guidance is one of the ways we’re helping Britain prosper.”
