A Taunton tool maker has relocated to new, larger premises with the support of a six-figure funding package from Lloyds Bank Commercial Banking.
EPS Services & Tooling decided to relocate after seeing an increase in demand for the bandsaw blades it makes for the timber processing industry, as well as the blade sharpening services it offers for a range of woodworking tools.
The business, which has more than 30 years’ experience operating across the UK and internationally, in countries including Poland, Ireland and North America, approached Lloyds Bank for a £500,000 funding package to support the relocation of the business and refurbishment of a 20,000 sq.ft. site.
The funding, which forms part of Lloyds Bank’s pledge to lend £1.5bn to businesses in the South West this year, will enable EPS Services to increase its capacity by two thirds.
The lend included an asset finance facility that will enable the business to buy an automatic hydraulic controlled swaging machine for log band saw blades, as it looks to drive operational efficiencies and streamline its production line.
The business now predicts an increase in annual turnover of 20% to £3m in the next 12 months.
Nick Palmer, director at EPS Services & Tooling, said: “The enhanced space and automated machinery is going to give our business a new lease of life, smoothing processes and allowing us to keep up with ongoing demand.
“We’ll now be able to grow at scale in the years ahead, which would not have been possible without the backing from Lloyds Bank who have been by our side throughout the expansion process.”
Simon Davidson, relationship manager at Lloyds Bank Commercial Banking, added: “We are committed to helping local firms grow and thrive as part of our commitment to helping businesses in Britain prosper.
“EPS Services & Tooling has responded to an increase in demand and mapped out a growth plan that will allow it to achieve significant growth in the next 12 months.
“The business is now perfectly placed to push on with its expansion plans and we look forward to working with Nick and the team throughout what looks to be a very exciting future.”