Millennium Pressed Metal, founded in 2000 within a modest 3,500 sq ft production facility, is owned by former Young Entrepreneur of the Year and Inspirational Business Woman of the year winner Anna Stevenson.
The company now employs 28 people and boasts a wide range of presses from 25 tonnes up to 350 tonnes capacity, which produce precision pressings and stampings for more than 50 different applications.
Ms Stevenson said: Due to a significant increase in orders we have made the positive step to purchase the new factory to facilitate the required increase in capacity.
2013 is shaping up to be an excellent year for Millennium Pressed Metals and we are very grateful to Lloyds Bank and Sandwell Council for their support arranging the commercial mortgage and machinery finance.
Thanks must also go to Sandwell Council and The Black Country LEP, through which we received an RGF grant to assist us with the building purchase and machinery move.
Mark Meakin, relationship manager at Lloyds Bank Commercial Banking, said: Millennium Pressed Metal has grown considerably in the past couple of years, and we are committed to supporting expanding manufacturers like this with tailored funding solutions. The new factory is triple the size of the previous premises and provides the business with a clear opportunity to expand its production capabilities.
Machinery
Keith Moore, regional manager at Lloyds Bank Commercial Finance, added: The new machine allows the firm to expand its current service offering to clients. The hire purchase facility we provided is ideal for manufacturers like Millennium Pressed Metal as it enables the business to purchase the machinery that they need to meet increased customer demand, without putting pressure on its working capital.
From a small operation in 2003, Millennium Pressed Metal has grown into one of the sectors few single source manufacturers specialising in press work, turned parts, welding and mechanical assemblies, producing more than 4 million parts every year.