A national staircase and floor manufacturer is set to create 30 new jobs, after a £6.8million funding package from Lloyds Bank Commercial Banking enabled the company to open a new factory in West Bromwich and acquire and extend a second unit in Coventry.
Staircraft Ltd, the largest manufacturer of Staircases in Europe, has factories in Nuneaton, Wednesbury and Coventry, specialising in the production of wooden staircases and I-beam Integrated Floor Systems. The business supplies products to the majority of the UK’s major house builders with the clear objective of providing innovative time-saving solutions for tradesmen on sites.
With the support of Lloyds Bank, the management team acquired the new factories allowing production space to almost double from 85,000 to 160,000 sq ft., and new products, including MDF moudlings, to meet growing customer demand. The funding also covers working capital support allowing Staircraft financial flexibility during an exciting growth period.
Andrew Hamilton, managing director of Staircraft Ltd, said: “We’ve operated in the construction sector for more than 30 years, and continued investment in both our workforce and manufacturing facilities are key to ensuring that we remain leaders in our field.
“Our newest unit will have bespoke manufacturing processes that will allow us to introduce innovative products to expand our customer base, and, as a result, we expect a 50% growth in our turnover by 2017.
“The honest and long-standing relationship with Lloyds Bank has been fundamental to our growth, and the relationship team have always been on hand to provide the specialist manufacturing knowledge needed when we are looking to expand.”
Kevin Roberts, relationship director at Lloyds Bank Commercial Banking, said: “Recent improvements in the housing market and demand for new properties have boosted the order book at Staircraft. It was clear that expanding the firm’s manufacturing capabilities would allow the business to continue to capitalise on growth opportunities.
“Midlands’ manufacturing businesses are a fundamental part of the local economy, which is why we have a dedicated team of local manufacturing specialists who are always on hand to provide the support that firms need. Tailored funding facilities are ideal for companies undergoing expansion, as they are able to invest in new machinery that will help the business prosper, without affecting daily capital flow.”