A Black Country manufacturer has relocated to new premises after securing a £1.7 million funding deal.
Stephens Gaskets, which produces specialist components for the automotive industry, has moved into a new site in Hainge Road, Oldbury, after seeing turnover increase by 20 per cent over the past year.
The company, which was founded in 1947, has acquired a new 62,000 sq ft site which is three times larger than its previous base in Alston Road, also in Oldbury.
The move means the firm will be able to boost output by as much as 50 per cent to meet increasing demand from its existing customers and take on more new business.
Over the years, the family-owned business has diversified into new services and sectors, including lighting and construction, and the new site will have machinery to support further expansion of products and services.
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More recently, Stephens Gaskets has temporarily shifted its operations to support national efforts to produce PPE for frontline workers during the coronavirus outbreak.
Manager Piers Baynton said: “We saw demand shoot up last year and it quickly became apparent we would need to relocate somewhere bigger if we wanted to keep growing our business.
“We are proud to be a family business that has been passed down through three generations.”
Mark Corfield, relationship manager at Lloyds Bank which provided the £1.7 million loan, added: “Stephens Gaskets has enjoyed growth during an uncertain time and this looks set to continue.
“We’re looking forward to helping them take the next step in their journey as they move into their new premises and look for new opportunities to expand.
“The West Midlands remains the country’s manufacturing heartland and it’s fantastic to see another homegrown firm enjoy such success.”