Wolverhampton-based steel manufacturer aims for growth as it invests in new machinery

Steelway Fensecure is investing in new machinery to increase its manufacturing capacity and expand its range of products, backed by Lloyds Bank Commercial Banking.

Since 1928, Steelway Fensecure has provided high quality steel fabrications for a wide variety of sectors and has a growing number of clients in the nuclear, water, gas, rail, and defence industries across the UK.

Its expertise lie in the creation of steel flooring, staircases and fencing, as well as in the manufacturing of specialist, sophisticated products for nuclear and rail infrastructures.

To enable the business to increase capacity, enhance its innovation strategy and expand its range of products, it turned to its long-term banking partner Lloyds Bank for support on funding the purchase of a laser steel-cutting machine and new press brake.

A £500,000 asset finance facility from the bank allowed the business to spread payments over an agreed term for the new machines, which cut and bend steel sheets.

The laser cutting machine is fully automated and enables production to continue out of hours, increasing the company’s capacity by at least 30 per cent and driving innovation with the creation of new products.

Steelway Fensecure has a turnover £12million and currently employs 160 people across its two plants in Wolverhampton and West Bromwich.

Dan Houghton, managing director at Steelway Fensecure, said: “The new machinery not only increases our capacity but also allows us to increase our product offering, making us more competitive in a crowded market.

“For the past eight years, Lloyds Bank has understood and supported our ambitions as we’ve grown as a business.”

Mike Middleton, relationship director for SME manufacturing at Lloyds Bank Commercial Banking, said: “Steelway Fensecure is a long-standing business and a trusted expert in the sector. Our expertise within the manufacturing sector have helped us to support the business and its growth plans over the past eight years and we’re looking forward to continuing this support in the future.

“We’re committed to helping Britain prosper by supporting small-to-medium sized businesses like Steelway Fensecure enjoy consistent growth, which is why we’ve increased our net lending to SMEs by 32 per cent over the last six years.”