A STAINLESS steel business has bought out its rented head office in Bromsgrove, thanks to a £1.8million funding package from Lloyds Bank.

UKF Group, which manufactures a range of steel products from tubular components to exhaust tubes, has used the investment to take ownership of the Buntsford Park Road site and purchase a new state-of-the-art laser cutting machine.

Phil Morris, group chairman at UKF, which was set up in 1992, said: "Purchasing our premises in Bromsgrove has given us the financial headspace to focus on our growth.

"The new machinery is our latest investment and will help us to differentiate ourselves in a crowded market by providing even more products and services to our clients.

“We’ve been banking with the team at Lloyds Bank for the past 13 years and they’ve played an important role in our growth and expansion.”

The new machinery has enabled the firm to make more sophisticated, laser-cut tubular parts, estimated to increase its annual turnover by 10 per cent in the next year.

Grant Warren, relationship director at Lloyds Bank Commercial Banking, said: "Specialist manufacturers like UKF Group are flying the flag for businesses in the Midlands and playing their part in boosting the local economy.

"It’s great to be supporting this long-standing customer in fulfilling its growth ambitions and further establishing its site in Bromsgrove."