An alloy wheel manufacturer is firing on all cylinders for 2010 after being given financial backing to help support diversification into new and innovative markets.
Midlands firm Rimstock plc employs 160 people at its West Bromwich-based plant and has strengthened its position in the manufacture of alloy wheels in niche markets.
Rimstock has been a leading supplier to the world’s major vehicle manufacturers through its alloy wheel brands Team Dynamics and 100+ for more than 25 years, and bosses felt now was the right time to expand the product range and diversify into other markets.
Rimstock plc chief executive Stephen Lane said transferring to Yorkshire Bank had enabled the company to launch a new technology division and develop a number of products.
They include wheels for the specialist security and defence market, and, as a further extension of their motorsport heritage, products are being supplied to top teams around the globe including a new contract with the Australia V8 Supercars series.
Mr Lane said: “To have found a bank which shares our vision and demonstrated support, not only for our ambitious plans, but for British manufacturing and its people, is refreshing, and we look forward to a winning partnership.
“The result of this new partnership has allowed us to reposition Rimstock and to drive growth into new technology sectors, enabling us to now enter the next chapter in the company’s history with renewed confidence and a partner with real foresight for the future.
“Our research and development team is pushing the envelope in design, and is at the forefront of some exciting new concepts, and this strengthens our position to win prestigious and much sought after new opportunities, fundamental to continued growth.
“We already have operations in Europe and North America and with our focus on expanding into new security and defence sectors, we are poised to continue our growth over the next few years.”
Heather Griffin, a business banking partner at Yorkshire Bank’s Birmingham Financial Solutions Centre, said the deal with Rimstock was further evidence of the bank supporting the automotive manufacturing industry in the region.
“Rimstock had been eager to expand into new areas for some time and we are delighted to have been able to offer our support and make this possible,” she said.
“In today’s economic climate it is great to see a Midlands manufacturer, renowned on the international stage, going from strength to strength and we look forward to working closely with Rimstock to help them meet their expansion goals.”
Denise Friend, corporate finance partner at professional advisers Friend LLP, said: “Given the recent economic issues in the automotive sector, the approach by the team at Yorkshire Bank was refreshing. They saw past the ‘automotive’ badge and saw Rimstock for what it was - a business with a great history, niche market position and fantastic innovation and diversification potential.
“We are delighted that with our help, Rimstock has managed to transfer its banking to Yorkshire Bank who clearly share Rimstock’s excitement for the prospects that 2010 hold.”