Stephens Gaskets has been been manufacturing gaskets and ring shims since the company was established in 1947. They have recently invested in a new site with a £1.7 million loan from Lloyds Bank as it looks to meet growing demand for its products. This site will provide 62,000 sq ft and boost output by as much as 50 per cent to meet increasing demand from existing and new customers.
The family-owned business has diversified into new services and sectors, including construction. This new site will house new machinery to support further expansion of their products.
Over the past 12 months, Stephens Gaskets has increased turnover by 20 per cent and also significantly increased its workforce. This came after the firm expanded their business to support national efforts to produce PPE for frontline workers during the coronavirus outbreak.
Piers Baynton, manager at Stephens Gaskets, 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 and the Lloyds Bank team has helped us to maintain our family values while supporting our growth. We’ve no doubt that our partnership will continue as we take this exciting new step in our journey.”
Mark Corfield, relationship manager at Lloyds Bank, added: “Stephens Gaskets has enjoyed growth during an uncertain time and this looks set to continue. We are 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. We will continue to support them and other manufacturers in the area as we continue to help Britain prosper.”
For more information on Stephens Gaskets contact them today. You can email them at email@example.com or phone them on 0121 544 5808.