Midland Bright Steels plans to double its workforce after securing a £250,000 finance package.

Central Finance has agreed the funding deal with the Wolverhampton-based firm, which wants to take on an extra 10 staff.

Midland Bright Steels plans to expand into the renewable energy markets, upscale productivity, purchase new premises and invest further in machinery and infrastructure on the back of the funding boost.

Central Finance, which has offices in Birmingham, Oldbury and Worcester, worked with Sandwell Council on the package.

Midland Bright Steels has traded for over 15 years, and stocks a large and diverse range of composite steel products and also provides cutting and part finishing services to its clients.

The firm supplies into the automotive, fasteners, locks and petrochemicals sectors. Managing director Steve Sutton said: "The business has achieved good growth over the years and has built up an excellent reputation.

"However, the market has changed and we needed, and need to do more to continue to meet our customers’ demands and grow. We now see more opportunities in new markets , in particular energy markets – gas, oil, nuclear and certain renewable forms. These markets demand more finishing and part-processing of materials and larger diameters.

"To access these markets and retain our customers we had to invest in our plant and machinery and invest in new premises to accommodate growth.

"Equally, to develop and diversify our services, secure the future of our business, provide new and existing customers with a quality and ever developing service, it was clear we needed to invest in our machinery, our workforce, and ultimately our premises."

Central Finance, supported over 500 businesses in the last two years and raised over £50 million in grants and commercial finance, driving significant growth for their respective clients and creating in excess of 300 jobs for the region.

Alison Bradley, managing director at Central Finance, added: “Accessing grants can be complex, time consuming and often scary to many businesses, but our experienced team understand the market very well and achieving this six figure grant funding for Midland Bright Steels is testament to our knowledge of the sector and our understanding of the criteria often put in place.

“Achieving this funding package is a significant win for Midland Bright Steels, Central Finance and the Midlands in general, providing the region with additional employment opportunities, a stronger economic output and confirming that the West Midlands is a thriving, progressive area to live and work.”