Lloyds funding boosts Shropshire Galvanizers
Shropshire Galvanizers is opening a new powder coating plant after securing an £86,000 hire purchase facility from Lloyds TSB Commercial Finance.
The specialist metal coatings business, based in Oswestry, provides a galvanizing service to steel fabricators and manufacturers.
It is a division of £5.5m-turnover business Hereford Galvanizers.
Shropshire Galvanizers said it decided to expand its offering after many of its customers were using its galvanizing services and then sending the steel to separate trade powder coaters to add colour to the products.
To capitalise on demand, the company secured an £86,000 loan from Lloyds TSB to purchase the new equipment.
Following the purchase of the new plant, the business has taken on five new members of staff and overall sales are expected to increase by £300,000 in the first year, rising to £500,000 in 2012.
David Watkins, managing director of Hereford Galvanizers, said: "We have worked hard over the past 23 years to cement our standing in the Marches, West Midlands and North West as a quality provider of galvanizing services.
"So far, the plant is showing great potential and we are investigating more powder coating plants in new geographical areas in the near future."
