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£2.5m funding package backs A&T's three year growth and jobs plan

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A specialist Black Country manufacturing firm has moved into new premises, taking on more staff and investing in machinery, thanks to a £2.5 million finance package.more

The move has funded ambitious expansion plans at Dudley-based A&T Enclosures that could see them hiring another 29 workers over the next three years, to add to the company's 50-strong staff.

Business advisors Central Finance worked A&T to secure the £2.5 million funding, including a £1.3 million commercial mortgage from Lloyds Bank Commercial Banking and a £577,000 Regional Growth Fund Grant through Sandwell Council.

A&T Enclosures, based on the Grazebrook Industrial Park, makes specialist metal boxes to house electronics, electrical systems, switchgear and control consoles for customers including rail, water and utility businesses.

The 20-year-old business wanted the money to drive its expansion into new sectors, fund research and development into new products, buy new equipment and hire new staff as well as cementing its commitment to Dudley by buying its premises.

Tim King, A&T's managing director, said: "This expansion will enable us to develop and diversify our products and secure the future of our business. To provide new and existing customers with a quality and ever developing product it was clear we needed to invest in our machinery, our workforce, our research and development and ultimately our premises.

"Finding the right finance package to fund this project was key and we couldn't do it alone. Our aims were and are ambitious, and we wanted to work with someone who could achieve our capital requirements both swiftly and efficiently.

"It was clear after meeting Alison, who has years of experience working with manufacturers to achieve both grant funding and other business finance that Central Finance would help us achieve our goals and invest in our future."

Alison Bradley is the managing director at Central Finance, which has offices in Birmingham, Oldbury and Worcester. She said: "Having worked with thousands of businesses like A&T Enclosures over the years, my colleagues and I have built up key relationships with lenders and investors including Mark Harris, business development director at Lloyds Bank in the Black Country, and fully understand the complexities of attaining finance to fund projects, especially at this level.

"Accessing both grants and other business finance products especially commercial mortgages can be complex, time consuming and often scary to many businesses, but our experienced team understand the market and achieving this £2.5 million finance package for A&T Enclosures is testament to our knowledge of the sector and our understanding of the lending criteria often put in place. It is crucial that a package of finance such as this is simultaneously managed through the individual processes.

"Achieving this funding package is a significant win for A&T Enclosures, Central Finance and the Midlands in general, providing the region with additional employment opportunities, a stronger economic output and confirming that the West Midlands is a thriving, progressive area to live and work and I am proud that I have been able to assist Tim to achieve his expansion plan."

Tim King added: "Central Finance took the time to understand our business and our financial history, where we wanted to be and what we wanted to achieve and provided a full review of funding options available to fund our expansion and our ambitious business plan to diversify into the renewable energy sector.

"They took away the form filling, the red tape, the late nights and most of all the headaches and have provided a sustainable, positive outlook for the future of A&T Enclosures and its employees. The support of Lloyds Bank has also been instrumental in allowing us to activate our growth plans."

Mark Harris, from Lloyds Bank Commercial Banking, said: "Manufacturers are the driving force of economic growth in the Midlands. We are committed to supporting ambitious businesses like A&T Enclosures as they actively secure new growth opportunities, which is underlined by our pledge to make £1billion of funding support available to the manufacturing industry each year until 2017."