Secure Trust Bank Commercial Finance has provided a £14.75m finance facility to Formaplex, who provide mould tooling for the Formula One industry.
The finance facility will support the company’s investment in machinery as it looks to develop more lightweight and durable products. The company also manufactures lightweight component solutions for automotive clients and OEMs.
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By GlobalDataThe £14.75m provided by Secure Trust Bank Commercial Finance will help manage cashflow, and allow Formaplex to invest in 3D printing equipment, which will bolster its product range and boost sales. The equipment will enable the company to manufacture more lightweight and sustainable products, in line with customer demand for vehicles with lower carbon emissions.
Since 2015, Formaplex has invested more than £20m in plant and machinery to support its evolution from a tooling business to a lightweight component manufacturer. This has been supported by £7.5m of additional investment by Dunedin, the company’s private equity shareholder.
The business has a turnover of circa £65m, with revenues forecast to grow by 40% by June 2019, and employs 720 staff members across its Portsmouth headquarters and four manufacturing sites in Hampshire.
Tony Young, regional sales director at Secure Trust Bank Commercial Finance, said: “Formaplex boasts an impressive client base, consisting of some of the automotive industry’s biggest brands. Its products are already at the forefront of modern engineering, and with this facility, the company will be able to continue its development of innovative products.
“We were keen to support the firm’s ambitious plans, which has already seen revenues projected to rise by 40%, and we’re looking forward to continuing our relationship with the management team as they continue to grow.”
Mike Bryant, chief executive officer at Formaplex, said: “There is increasing demand from our customers for more lightweight products, which is being driven by the growing number of environmentally conscious consumers.
“The funding from Secure Trust Bank Commercial Finance will allow us to invest in the latest technologies, and, in turn, manufacture state-of-the-art parts that are not only sustainable but also durable. We’re confident this new range of services will significantly boost revenues and help us meet our objectives.”
