Midland firm Sealco has created new jobs after securing finance for expansion.
Sealco, based in Halesowen, distributes sealing products across the UK and has now branched out into manufacturing after receiving six-figure funding through Ludgate Finance, which has offices in Birmingham, Wolverhampton and Coventry.
The investment has allowed Sealco to increase its workforce by 50 per cent and it is now expected to increase its turnover from £1 million to £3 million in two years.
The firm, established in 2003, had consistently doubled its turnover year-on-year until 2008 when the recession hit and turnover remained at a steady level. Sealco weathered the recession and recently approached Ludgate as the company aimed to diversify and expand.
Rob Fowkes, managing director of Sealco, said: “The investment allowed us to invest in manufacturing as well as distribution and that opened up new doors for us.
“We can now offer new services to end users such as design and prototyping – and it also has a big impact on our margins.
“For example, we used to pay £38 for one particular product but the material cost for us to make it ourselves is now just £2.
“Without the finance and support from Ludgate we would have carried on stagnating. We would not have been able to grow the business and take it to the next level.”