Suffolk firm predicted to turnover millions after new investment
PUBLISHED: 11:52 09 August 2019 | UPDATED: 11:52 09 August 2019
A premium sheet metal fabrication firm is predicted to boost turnover to £2.2m after securing £335,000 in funding.
DB Sheetmetals, based in Haverhill, Suffolk, acquired the funding facility from Lloyds Bank Commercial Banking to invest in new machinery.
Since 1988, the company has been manufacturing and supplying metal components across a number of diverse industries - from the medical sector to the military and even petrochemical.
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The funding has enabled the firm to invest in new powder painting machinery to spray paint its product.
"We have been trading for over 30 years, serving loyal customers in and beyond East Anglia", explained chief executive officer Caroline Law.
"To build on this pedigree and extend our customer base in a competitive market, we need to be equipped with the latest technology and best-in-class machinery."
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The new machines have increased efficiency at DB Sheetmetals by digitally tracking each product from the start to the end of the production line.
The durability of products has also been enhanced, with the new spray-treatment machine providing products with three times the protective layering previously available.
With a boost in manufacturing production capacity, the business is set to increase turnover by 10% in the next two years to £2.2m.
"The funding facility has enabled us to invest in top of the range equipment that has boosted the efficiency of our production line, without having a negative impact on our working capital", added Ms Law.
The funding is part of Lloyds Bank's pledge to lend £1.7bn to East of England businesses this year.
Other projects include a £1.1m loan to help Colchester's Cadman Cranes navigate testing times in the construction industry and continue to grow.
Jonathan Hirst, relationship manager at Lloyds Bank Commercial Banking, added: "Manufacturing is a real powerhouse sector for our regional economy. Specialist manufacturers like DB Sheetmetals are flying the flag for businesses in Suffolk and boosting the local economy.
"Asset finance helps businesses to spread the cost of big-ticket items, freeing up working capital for other areas of the company, and ensuring they remain at the cutting edge of manufacturing technology."