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Black Country manufacturer secures £12m funding package

Rimstock will use the capital injection to build a new factory at its base in West Bromwich

Pic: PA

A Black Country manufacturer of allow wheels which supplies motorsport teams has secured a new £12.4 million funding package.

Rimstock will use the capital to develop a new 100,000 sq ft factory in West Bromwich and invest in machinery and equipment.

Rimstock designs and manufactures alloy wheels for some of the world's most well-known marques and supplies more than 40 global motorsport championships under its Team Dynamics brand.

Further jobs are expected to be created following this most recent expansion.

The funding deal has been provided by Clydesdale and Yorkshire Banks.

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Heather Griffin, senior director of automotive with the banks, said: "We have had a valued relationship with Rimstock since 2008 and we're delighted to be working with them to help realise their growth ambitions.

"The success of regional economies is critical to the prosperity of the UK economy and particularly manufacturing and we're delighted to have the opportunity to play our part in the future development of such an aspiring manufacturer in the British automotive sector."

Last year, Rimstock was acquired by Safanad and Current Capital.

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