Plymouth manufacturer ups productivity with Lloyds Bank support

A Plymouth-based manufacturer has bought new equipment to increase efficiency and create six new jobs, with the support of a £350,000 hire purchase facility from Lloyds Bank Commercial Banking.

Alderman Tooling, established in 1969, is a family-run business that specialises in sheet metal and fabricated steel products. The business provides a comprehensive range of in-house metal fabrication technologies, including laser cutting, welding, folding, turning and powder coating.  It serves retail, IT, automotive and railway sector clients across the South West.

The business needed an additional CNC Laser machine to triple its capacity and give it the opportunity to take on new contracts.

The firm’s previous system required employees to manually control the machine, whereas the new equipment automatically feeds in the material and can run unsupervised, freeing up employees to focus on winning new business.

Alderman Tooling is based on Newnham Industrial Estate and has an annual turnover in excess of £2.5m, employing 40 people.

Karen Friendship, managing director at Alderman Tooling, said: “The introduction of the new laser cutting machine is a part of our long-term investment plan; and with the extended capacity we can now focus on winning new business in sectors we haven’t worked with before, such as construction.

“We’ve had a longstanding relationship with the team at Lloyds Bank, and with the latest funding we’ve been able to upgrade our production process and make positive steps towards achieving our growth ambitions.”

Nicola Hambly, regional manager at Lloyds Bank Commercial Banking, said: “Alderman Tooling is a great example of a successful SME business that’s recognised the benefits of using a hire purchase facility to buy vital equipment without affecting its day-to-day cash flow, giving the business the headspace to focus on continued growth.

“We’re committed to helping Britain prosper, and to underline this, since 2011 we’ve grown our net lending to SMEs by 29% since 2011, while the market contracted by 12%.”

Pictured, left to right: Karen Friendship, Alderman Tooling and Nicola Hambly, Lloyds Bank Commercial Banking.