Southampton: Dynamic firm expands with bank support
Southampton-based Dynamic Load Monitoring has acquired a second building next to its current headquarters and will be creating six new local jobs, with the support of a five-figure funding package from Lloyds Bank Commercial Banking.
Founded 20 years ago, the company specialises in the development, manufacture and repair of load monitoring equipment, working mainly with companies in the marine sector. Over the past five years the business has experienced significant expansion, increasing its turnover from £500,000 to £2 million.
A key part of the company’s growth has been its success overseas, with the firm exporting to Singapore as well as working with distributors in Australia. The business intends to increase exports to the USA over the next year.
To achieve these plans director Martin Halford recognised that the business needed a larger premises, so decided to purchase a building next to its Nursling headquarters. The new site will be used as offices by the company’s sales and design team.
The business has also purchased one new compression and two new tension and compression machines, which has enabled the firm to test a range of new products. The latest design to be developed using the equipment is a state-of-the-art acoustic load shackle, an underwater device that can monitor loads using a wireless signal.
Halford said: “In order to stay competitive in the current market it’s vital that we remain innovative, and we’ve been continually looking at how we can improve both our service and products.
“One of our most recent developments is our acoustic load shackle, which recently won the marine electronics and innovations award at the latest Seaworks conference.”
The team approached Lloyds Bank Commercial Banking to gain the funding needed for the second building and new machinery. The bank provided a five-figure finance package through the Funding for Lending Scheme, which provides customers with discounted lending for the life of their loan.
