Wednesbury automotive components company Complex Cold Forming has secured a £1.2 million funding package from HSBC to help drive its growth plans on the back of contract wins with global car manufacturers.
The company works with many global automotive companies, as well as companies in oil and gas, shipbuilding and rail.
It recently won contracts with Ford in the US and Europe and plans to seal further deals with automotive firms over the next 12 months.
Complex Cold Forming has worked with HSBC’s South West Midlands Commercial team to help finance accelerated sales growth with asset finance to fund new equipment.
The increased funding was arranged by commercial manager Lisa Soley and comes after HSBC committed £500 million of lending to support West Midlands businesses through its SME Fund.
The company has been investing in plant and machinery on the back of the growth of the business and the latest investment is a six station cold forging machine, which will be the most capable machine of its type in the UK.
This complements seven new CNC machines recently added, which help to refine the initial components produced during the cold forming process.
Cold forming is an efficient manufacturing process for the company’s products, due to its speed, accuracy and limited material waste.
Technical Director Paul Bailey said: “Thanks to the support HSBC has shown us, we have been able to invest in equipment needed to ensure we can continue to offer the latest design ideas to our customers and through this we have secured over £4 million worth of future business for innovative projects.”
Complex Cold Forming’s history dates back to the 1920s, but it was acquired by its current management team in 2009. Based at a 45,000 sq ft site in Wednesbury, the company employs 40 people, a number which has more than doubled since 2009. The company expects to create a further 15 new jobs over the next three years.
Complex Cold Forming’s managing director Robert Smith said: “This latest investment will enable us to produce larger, more complex components, help us to fulfil new contracts and expand further into different market sectors.”
HSBC South West Midlands area commercial director Andy Willett said: “Complex Cold Forming has developed excellent relationships globally within the sectors it serves and has not been afraid to invest when opportunities present themselves.”