A Midland manufacturer of roll bars has purchased the premises it used to rent, thanks to a £203,000 funding package from Lloyds Bank Commercial Banking.
BMS Engineering, established in 2006, specialises in the manufacturing of safety critical roll cages and steel alloys for clients in the motorsport, automotive and aerospace industries.
The business wanted to invest in its own premises to increase its assets and approached Lloyds, which provided the loan to enable the business to purchase the 3,200 sq ft premises on Broad Lane in Coventry, from which it has operated for eight years.
Funding was granted using the Funding for Lending Scheme (FLS), which offers discounts of one per cent to all SMEs for the life of their loan.
Located at the heart of the UK’s motorway network and within the centre of the European motorsport development zone, BMS Engineering has a range of high profile clients such as Aston Martin, McLaren and Prodrive.
The business currently employs four members of staff, with scope for future job creation as it plans to invest in new machinery to enhance its production capabilities.
Phil Boffin, director of BMS Engineering, said: “We had been renting our existing premises for seven years, however we felt we needed to purchase the premises to give us a secure base to grow the business from.
“As a small manufacturing business, the support from Lloyds Bank has been instrumental in helping us to realise our steady growth plans and we are now moving towards purchasing new machinery in order to expand our operations.”
Andrew Smith, relationship manager at Lloyds Bank Commercial Banking, said: BMS Engineering is a well-established local business with a prestigious client base and the business’ purchase of its existing rented premises marks a pivotal moment in its history.”
