King’s Lynn hydraulics firm eyes new manufacture deals
- Credit: Archant
The boss of a King's Lynn-based family business said he is on course to seal a string of new contracts after exceeding his turnover target by £50,000 in his first year.
Jim Bell, of hydraulic systems distributor LoSi, said the firm was set to secure a number of UK deals with original equipment manufacturers (OEM) after recording a £400,000 turnover.
The company had moved to accelerate growth by enrolling in a financial scheme with Clydesdale Bank that boosts cash-flow by providing some money up front when an invoice is filed.
Mr Bell, who runs the business with his son Ashley, said: 'At the moment we are not going to expand our range but concentrate on expanding our customer base.
'We are working to increase our turnover, not our overheads, and we are certainly looking to target Europe as an export market.'
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He added: 'The business we are in sees quite a range of customers. We are trying to work with lots of medium-sized manufacturers at the moment, but it takes time. So far, we have been working with four or five OEMs, which we are hoping to bring on board as customers soon.'
He added: 'The German side of the business has helped us because it has been established for 30 years. It makes some of the OEMs feel comfortable because they see they are dealing with a well-established brand.'
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The UK operation of LoSi, which employs four staff, distributes across the agricultural, marine, construction and offshore sectors. Its products include hydraulic motors, valves, gear pumps, steering columns, steering units and gearboxes.
Richard Chapman, business development manager for Clydesdale Bank's East Anglia Business and Private Banking Centre, said: 'LoSi is a prime example of the sort of company we are looking to support.'