Bromsgrove-based UKF Group (www.ukfgroup.co.uk), which manufactures a range of steel products, has secured a £1.75 million funding package from Lloyds Bank Commercial Banking to purchase its rented head-office site and invest in a new laser cutting machine.

The group has four operating divisions: UKF Stainless, the Joint Perforating Company (JPC), Ferrari Stainless & Alloys, and Stainless Metal & Alloys; it aims to increase its turnover by 10% in the next 12 months.

Phil Morris, chairman, said: “Purchasing our premises in Bromsgrove has given us the financial head-space to focus on our growth. The new machinery will help us to differentiate ourselves in a crowded market, by providing even more products and services to our clients.

“We’ve been banking with the team at Lloyds Bank for the past 13 years, and they’ve played an important role in our growth and expansion. Their support and guidance has been invaluable in this next step for our business.”

Grant Warren, relationship director at Lloyds Bank Commercial Banking, said: “Specialist manufacturers like UKF Group are flying the flag for businesses in the Midlands and playing their part in boosting the local economy.

“It’s great to be supporting this long-standing customer in fulfilling its growth ambitions.”