An automotive supply chain firm is investing in a new robotic production line after securing a multi-million pound investment boost.
City-based Paintbox Group, which supplies exterior systems and advanced painting and finishing solutions to the automotive industry, has secured an investment from BGF (Business Growth Fund) to support longer-term growth.
Founded in 1989 to provide services to the Formula 1 industry, its customers now include Rolls Royce, Bentley, Aston Martin and Jaguar Land Rover. Paintbox operates three robotic and four manual paint production lines across its manufacturing sites in Birmingham and Banbury, employing more than 300 people and with an annual turnover close to £50 million.
The undisclosed investment, together with a £3 million facility from Barclays, will allow Paintbox to add in a fourth robotic paint line at its Birmingham site, operational in late 2016.
Co-founders James Sharp, managing director and Karl Durham, non-executive director have appointed Gordon Clark as chairman following an introduction made by BGF.
Mr Sharp said: “By continually investing in the growth of the business, we have been able to adapt and respond to the needs of our customers. Our focus on flexibility and technical excellence has put us in a strong position to increase the capacity and capabilities at our sites even further.
“The funding from BGF allows us to accelerate our growth plans while retaining control of the business.”
Tim Whittard, an Investor at BGF who now sits on the board of Paintbox said: “Paintbox is the only business of its type, scale and competence in the UK, and is led by an incredibly talented and ambitious management team. We are delighted to be funding the building of the new production line in Birmingham, and to be supporting the longer term growth strategy of the business.”
Earlier this year, BGF invested in Sertec Group, another Midlands-based business in the automotive industry. To date, it has invested in more than 100 growing companies across the UK.