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Coleford business upgrades machinery with Lloyds Bank support PDF Print E-mail
Wednesday, 22 July 2015

A family sawmill business based in Coleford is to create two new jobs after buying a new milling system with the support of a £460,000 facility from Lloyds Bank.

Woodgate Sawmills produces quality sawn timber for fencing and firewood for customers across Gloucestershire, the South West and Midlands at its premises in Mile End.
Demand for its range of products steadily increased and the business’ old milling system wasn’t equipped to produce the quantity of materials needed, meaning the firm had to turn business away.
A customer of Lloyds Bank since the business was established in 1950, it secured a hire purchase facility from the bank’s Commercial Finance team to replace the old kit with new machinery that has significantly increased its capacity.
The equipment was made in Italy, and the bank’s trade finance team provided letters of credit to support the stage payments as the kit was shipped to the UK.
The business is now able to take on more orders, and the funding facility means it can spread the cost of the equipment over a longer period, so that it doesn’t affect the firm’s day-to-day cashflow.
With an annual turnover of £2.2million and a current staff of 22, the expansion will create two more jobs, with further openings expected in the coming months.
Ken Humphries, managing director at Woodgate Sawmills, said: “My brother and I took over the business when my father retired, and the quality of timber we use for our products has helped us to establish a loyal customer base.
“Without this investment into new machinery we wouldn’t be able to expand our order book and increase our profits, and the facility provided by Lloyds Bank has been instrumental in achieving this.
“We have a long-standing relationship with the bank and they have always been extremely supportive of our plans, and ensured the purchase was a smooth process for the business.”
Lesley Williams, regional manager at Lloyds Bank Commercial Finance, said: “Because we have worked with Woodgate Sawmills since it opened, we have a thorough understanding of its business objectives and the funding facilities that will best support its plans.
“With the state-of-the-art milling equipment now in place the firm can now meet increasing demand, and the creation of local jobs creates further opportunity for growth within the business.”

(Source - Lloyds Bank Press Release)


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