Redditch-based Vernier Springs and Pressings Ltd has received a six-figure funding boost from Lloyds Bank to support its expansion.

The company, which produces a diverse range of products, including torsion and compression springs for the automotive sector, has used the money to buy four new CNC machines and said it expects to increase its annual output by up to 10% as a direct result of the investment — it is also expanding its 60-strong workforce with the creation of four new jobs.

Managing director Wayne Hawkins (www.verniersprings.com) said: “Over the past year, we have seen increased demand for our services from customers in the UK and overseas.

"In order to accelerate our growth to meet their requirements, it was vital for us to increase our capacity by investing in our manufacturing capability.

"The support and guidance that the Lloyds Bank team provided was invaluable.

"They understand our business model and helped us to outline a plan for achievable sustainable growth to meet our customers’ demands.”

Julie Cranmer, associate director of asset finance in the Midlands at Lloyds Bank Commercial Banking, said: “Vernier Springs and Pressings has established a burgeoning reputation, both in its home markets and globally.

“Our asset finance package has given the business the means to boost its productivity in order to meet growing demand, while maintaining the high-quality final product that has made the firm so successful.”