A wheelbarrow manufacturer in Walsall has invested in additional machinery to increase its productivity with the support of a £500,000 funding package from Lloyds Bank.
The Walsall Wheelbarrow Company has been established for over 20 years and sells its products to distributors, as well as directly to both retail and trade outlets, with its customers including B&Q, John Lewis, Amazon and Screwfix Direct.
After receiving funding from Lloyds Bank Commercial Banking in 2008 to support the acquisition of Thacker Barrows, the company wanted to continue its expansion, and was referred to Lloyds Bank’s Commercial Finance team for an asset finance loan to fund the purchase of two additional tube bending machines, which form the wheelbarrow framework.
Following the purchase, the business increased its output levels by 67 per cent and its annual turnover has grown from £6.5 million to £8.5 million in a year.
The company now plans to move to a larger premises to allow for more operating space, which will help increase its efficiency in line with its growth plans.
Director Jonathan Thacker said: “We realised that in the face of international competition we needed to increase our output levels, and the purchase of new machinery has given us that extra capacity to more than double our productivity.
“Thanks to the support provided by the bank, we can now make a greater number of wheelbarrows whilst maintaining the high mark of quality associated with our brand, and the next stop for us is purchasing a larger premises in the Wednesfield area to accommodate our growing operations.”
Lauro Rodi, regional manager at Lloyds Bank Commercial Finance, said: “With the Walsall Wheelbarrow Company experiencing high demand for its products in a competitive market, the asset based lending facility is ideally suited to its lending needs as it will effectively lift its cash flow restrictions, and provide it with a strong platform for growth, without putting pressure on its working capital.”