Wednesbury-basedautomotive components company Complex Cold Forming has secured a Â£1.2 millionfunding package from HSBC to help drive its ambitious growth plans and tosupport major contract wins with global car manufacturers.
The company works withthe majority of global automotive companies, as well as companies in oil &gas, shipbuilding and rail. It has recently won contracts with Ford in the USand Europe and plans to add more new contracts with automotive firms over thenext 12 months.
Complex Cold Forming hasworked with HSBC’s South West Midlands Commercial team to help financeaccelerated sales growth with asset finance to fund new equipment. Theincreased funding has been arranged by Commercial Manager Lisa Soley and comesas HSBC recently committed Â£500 million of lending to support ambitiousbusinesses in the West Midlands through its SME Fund.
The company has beeninvesting in plant and machinery on the back of the growth of the business andthe latest investment is a six station cold forging machine, which will be themost capable machine of its type in the UK. This latest investment complementsseven new CNC machines recently added, which help to refine the initialcomponents produced during the cold forming process. Cold forming is anefficient manufacturing process for the company’s products, due to its speed,accuracy and limited material waste.
Technical Director PaulBailey said: â€œThanks to the support HSBC has shown us, we have been able toinvest in equipment needed to ensure we can continue to offer the latest designideas to our customers and through this we have secured over Â£4 million worthof future business for innovative projects.â€
Complex Cold Forming’shistory dates back to the 1920s, but it was acquired by its current managementteam in 2009. Based at a 45,000 sq ft site in Wednesbury, the company employs40 people, a number which has more than doubled since 2009. The company expectsto create a further 15 new jobs over the next three years.
The company generatesthe majority of sales from the world’s leading automotive manufacturers andexport products globally. Attendance at trade shows and an internationalisedwebsite also generate new customer enquiries (www.complexcoldforming.com). It operates three sales offices in the UK,Germany and the US.
Complex Cold Forming’sManaging Director Robert Smith said: â€œThe business has achieved phenomenalgrowth over the past five years. We have had to finance significant investmentin plant and machinery to support this expansion, and HSBC has been aconsistent and supportive partner during this process. This latest investmentwill enable us to produce larger, more complex components, help us to fulfilnew contracts and expand further into different market sectors.â€
HSBC South West MidlandsArea Commercial Director Andy Willett said: â€œComplex Cold Forming receivedfresh impetus when its new management took over in 2009 and the growth of thebusiness can be tracked to that moment. It has developed excellentrelationships globally within the sectors it serves and has not been afraid toinvest when opportunities present themselves. We are speaking to morebusinesses from across the region about investment plans, which shows thatconfidence is certainly on the way up.â€