A PORTSMOUTH - based company is projected to achieve a £6m turnover after investing in advanced technology.
Stevens Services Ltd, a bathroom manufacturer has secured a £180,000 asset finance facility from Lloyds Bank Commerical Banking.
The loan enables the business to invest in specialist machinery which should see the company boost it’s income in the next 16 months.
The company designs, manufactures and installs bathrooms for commercial, education leisure and health sectors. Their newly-purchased CNC machine allows a computer to control their machine’s tools and provides an edgebander system which creates a glass effect finish on edge panels.
The machine enables the business to produce bathroom fittings more efficiently and allows them to work with a wider range of materials.
The cash injection has allowed Stevens Services to build two additional units, increasing it’s storage space by 50 per cent. Managing director Ian Stevens hopes that by 2020 the company will move to a bigger, 20,000 sq ft site as production and demand is expected to increase.
Last year HRH Prince Edward opened a paraplegic bathroom facility donated by Stevens Services to the Isle of Wight Monastery, Quarr Abbey. Ian said: ‘This equipment was instrumental in allowing us to speed up our production. It means that we can take on new orders, free up time to spend on the design process and improve our offering. We can now focus on growing the business further and realise our ambitions for the firm.’ HP and leasing regional manager at Lloyds Bank, global transaction banking, Amey Green said: ‘We are committed to supporting businesses like Stevens Services that are going from strength-to-strength as part of our wider plan to help Britain prosper.’