A Lynn manufacturing and distribution company is ready to mark its first anniversary in business with big plans for growth and to target the European market.
LoSi Ltd supplies hydraulic systems to customers in the agricultural machinery, construction, marine and offshore sectors. Established in Germany in 1982, LoSi is a family-owned business. Its UK operation was launched by father and son team Jim and Ashley Bell in the spring of 2012. The company employs four staff at its base in Hardwick Narrows and has a clear business plan aimed at manageable growth.
Jim Bell said: “The plan is to keep focused on our existing product line. 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.”
The company’s product range includes hydraulic motors, valves, gear pumps, steering columns, steering units, steering wheels and gearboxes.
The company chose Clydesdale Bank to support setting up its UK operation after an introduction from its accountant.
Mr Bell added: “We were speaking to Clydesdale Bank and two others and, of the three, Clydesdale Bank was by far the most helpful, the most interested in the business and was offering the most reasonable and manageable terms.”
Richard Chapman, business development manager from 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. Building on a successful business in Germany, the company’s business plan is simple, sensible and achievable.
“As a bank, we are able to make local decisions on lending, which means we take the time to get to know the people behind the business, their plans and their philosophy. In the case of LoSi, we could see the potential for growth.”