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|Glass business toughens up its productivity with Lloyds Bank funding support|
|Thursday, 05 November 2015|
A glass processing business based in Crawley has doubled its productivity and created five new jobs after buying new machinery with the support of a £350,000 facility from Lloyds Bank.
Tufwell Glass specialises in the supply and installation of frameless glazed partitioning for office and retail space, whilst also producing products for architectural glazing and interior design projects.
The business, which has an annual turnover of £5million, needed a new glass toughener machine to help keep up with customer demand. To support the purchase of the machinery, which was being imported from Europe, the firm turned to long-term banking partner Lloyds Bank Commercial Banking for support.
The bank’s trade finance team provided letters of credit to support the stage payments as the kit was shipped to the UK. The bank’s Commercial Finance team then stepped in to provide a hire purchase facility to enable the business to buy the machinery and spread the cost of the equipment over a longer period.
With the new machine in place the business can manufacture products at twice the previous speed, allowing it to expand its geographical footprint from the south east to now serve customers nationwide.
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