Formrite Precision an engineering business in the Black Country has now been able to purchase its rented premises to forge ahead and install new facilities and fulfil its growth ambitions – thanks to being able to access the finance it needed through Lloyds Bank.
Established in 1959, and a manufacturer of specialist tooling, test rigs and special-purpose machinery Aldridge-based Formrite Precision clients include the likes of Rolls Royce.
Previously for many years the business had rented its 25,000 sq ft premises on Westgate and wished to purchase the site to allow it to expand its supply and service capabilities within the testing rig market.
It approached Lloyds Bank to seek access to finance required, the results of which was that Formrite was provided with £469,000 in funding via the Funding for Lending Scheme to support the purchase. Such a scheme allows businesses to access competitively priced lending.
As a result, the Formrite business was also able to add two staff to its 30-strong payroll and now plans to build a new dedicated test rig department and install energy-efficient lighting and compressed air systems throughout the building.
Formrite Precision now has the freedom
Formrite Precision owner Geoff Neale said: “We wanted the freedom to be able to modify the building to suit the growing needs of the business but, because we were only renting the premises, we weren’t in the position to make any significant changes.
“Purchasing the premises has worked out more cost-effective for us in the long term and the Lloyds Bank team has been instrumental in helping us to pursue our growth plans.
“We now plan to expand the business in the next five years and create further local jobs.”
Oliver Dallaway, relationship manager at Lloyds Bank Commercial, added: “Formrite Precision is a well-established and highly regarded business, with clear ambitions for growth.
“The purchase of its existing rented premises marks an important milestone as it now has a secure platform to continue to grow.”
