TM Factors on the move with funding deal
A Hereford-based car parts business has relocated and created four new jobs after obtaining a loan from Lloyds TSB Commercial.
Family business TM Factors supplies car and light commercial vehicle parts to customers across the region including garages, car dealers and local councils.
The business moved from its previous premises on Aydon Industrial Park, Holmer Road, to the new site on Hereford Trade Park.
Its new headquarters has been purposely fitted out with new offices and a larger warehouse after an increase in demand for its products.
A European Investment Bank (EIB) loan from Lloyds TSB Commercial enabled the business to purchase the 5,000 sq ft site.
Lloyds TSB Commercial also provided a property investment loan to fit out the new premises and invest in new IT infrastructure.
TM Factors said it now plans to open a further two depots in the near future which directors said should double its turnover in the next five years.
Cheryl Jennings, a director at TM Factors, said: "The business has come a long way in the last 25 years and this most recent move is just another step towards our plans for further growth.
"We pride ourselves on being a family-run business and this is reflected in our service. Our customers come back to us because we provide a personal service that is really appreciated, and if this strong period of growth continues, we will look to purchase further premises across the region."
