Haverhill firm turnover set for a big boost after investment
A sheet metal fabrication company in Haverhill is set to boost turnover by 10 per cent after securing a £335,000 funding facility from Lloyds Bank Commercial Banking to invest in its machinery.
Established in 1988, DB Sheetmetals has established a strong client base in the UK, manufacturing and supplying metal components to companies in a range of sectors, including the medical, military and petrochemical industries.
Forming part of Lloyds Bank’s pledge to lend £1.7 billion to East of England businesses this year, the asset finance facility has enabled the firm to invest in new powder painting machinery to spray paint its products, without impacting day to day cashflow.
The new machines have helped DB Sheetmetals improve efficiency 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 an increase in manufacturing production capacity, the business is set to increase turnover by 10 per cent in the next two years to £2.2 million.
Caroline Law, chief executive officer of DB Sheetmetals, said: “We’ve been trading for over 30 years, serving loyal customers in and beyond East Anglia.
"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.
“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.
“Lloyds Bank has remained firmly by our side throughout this process, taking the time to understand our business, which has enabled them to provide a funding package that’s tailored to our needs.”
Jonathan Hirst, relationship manager at Lloyds Bank Commercial Banking, said: “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.
“Supporting ambitious manufacturing firms in the region is just another example of how we’re helping Britain prosper.
"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.”