Midland Bright Steels (MBS) (
www.midlandbrightsteels.co.uk), an independent steel stockholder, has acquired new premises in Wolverhampton.
The deal was funded by a commercial mortgage from the HSBC bank.
MBS’s growth plans had been restricted by its previous rented premises, which were significantly smaller. The move to larger commercial premises will allow it to increase its stock capacity, hold more stock lines and take on new customers.
Managing director Steve Sutton said: “With a consistent record of growth, we began to out-grow our smaller rented premises. The move to a larger site has enabled us to increase our capacity by 71% and expand our offering for new and existing customers.”
Steve Peart, HSBC area director for commercial banking in Birmingham, said: “MBS is an ambitious business, but its growth plans were limited by its small rented premises. Providing MBS with a commercial mortgage has enabled the company to move ahead with its plans, putting it on course to double turnover.”