Staffordshire-based RLS Tooling (www.rlstooling.co.uk) has secured a £72,000 loan from Lloyds Bank Commercial Banking so that it can buy a new cylindrical grinding machine and a blank-making machine — and increase its output by 10%.

Established in 1989, the company employs 18 people and has a turnover of around £1.5 million. It manufactures tools that are used to produce screws and bolts, supplying them to customers in the UK, mainland Europe, China and the USA. The loan was granted under the Funding for Lending Scheme.

The company was also granted a funding facility to help generate working capital, in order to achieve its long-term growth strategy.

RLS director Roger Smith (pictured right with Christopher Briggs of Lloyds Bank and Marcus Smith of RLS Tooling) said: “The investment in new machinery has been vital to enable us to meet the increasing demand for our products from the UK and overseas markets, and keep ahead of our competitors. The team at Lloyds Bank has played a fundamental role in helping us make this investment, and we now look forward to continuing to grow the business and our export operations, while also creating additional local jobs.”

Christopher Briggs, relationship manager at Lloyds Bank Commercial Banking, said: “RLS Tooling has built up an excellent reputation for its high-quality components. This recent investment in new machinery highlights its ambitious plans for growth, providing the production capacity to secure contracts in new markets.”