A Black Country wire-maker which is 100 per cent owned by its staff has invested £700,000 in a bid to increase its global customer base.

Alloy Wire has invested to increase capacity amid a target of reaching £10 million of annual sales by 2016.

The investment will go towards new testing machines, x-ray guns, a spooling machine and a furnace.

Mark Venables, managing director, said it had given the firm the ability to double its capacity.

He said: “We’ve had a really good time since the global recession, boosting turnover from £4.5 million in 2009 to its current £8 million level.”

He added: “Now is the right time to build on that success and the significant investment we have made in extending the factory and equipping it with automation and state-of-the-art technology will help us offer an even better product and level of service.

“It’s not just capital we are spending money on. All our 25 staff receive ongoing training and are encouraged to learn new skills that can add value to the business.”

Established in 1946, Alloy Wire is a world leader in the manufacture of precision drawn round wire, flat wire and shaped wire in a comprehensive range of high performance and exotic Nickel alloys.