A Black Country engineering business purchased its rented premises in order to install new facilities and fulfil its growth ambitions.
Aldridge-based Formrite Precision, which was established in 1959, is a manufacturer of specialist tooling, test rigs and special-purpose machinery and its clients include Rolls Royce.
The business had rented its 25,000 sq ft premises on Westgate for many years and wanted to purchase the site to allow it to expand its supply and service capabilities within the testing rig market.
It approached Lloyds Bank, which provided £469,000 in funding to support the purchase using the Funding for Lending Scheme through which customers can receive competitively priced lending.
The 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.
Company 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."
