Automotive business scales up with bank backing

A vehicle repair and servicing business in West Bromwich has renovated its workshop after securing a seven-figure funding package from Lloyds Bank, in a move that could create 20 jobs.

Fred Smith & Sons carries out repair, build and servicing for vehicles for insurance companies, commercial customers and private vehicle owners, as well as renting trucks to businesses.

fred smith

 

 

 

 

Following an increase in demand, the 70-strong business secured a £400,000 loan from Lloyds to purchase office equipment for administrative work. It also utilised a £2m asset finance facility to enhance its rental operations.

James Smith, finance director at Fred Smith & Sons, said: “With over 75 years of experience we understand the demands of our customers, and the high quality service they expect.

“With the support of Lloyds Bank we’ve been able to invest in new machinery and vehicles that will really help the business reach the next stage of our growth strategy.”

Paul Warrington, relationship director at Lloyds Bank Commercial Banking, added: “By refurbishing the workshop the business is now well equipped for future expansion opportunities, and has the capacity to scale up its workforce to meet growing demand.

“We’re committed to supporting small and medium sized businesses like Fred Smith & Sons that have ambitions to grow, and have pledged to grow our lending by £1bn net each year until 2017.”

 

Source: InsiderMedia

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