Thos C Wild is investing £3.6m to expand its business in a deal backed by HSBC and a Regional Growth Fund (RGF) grant from the Sheffield City Region Local Enterprise Partnership (LEP).
HSBC’s Sheffield Commercial Centre has provided a £2.7m funding package to support investment in the Sheffield-based forged rings producer, whilst the Sheffield City Region LEP has committed a £900,000 RGF grant.
The move forms part of a wider £8m refinance of the Tinsley-Park Road-based company with HSBC.
The company has added six members of staff as a result of the investment, bringing employee numbers to 59, and plans to create a further nine jobs over the next three years. The move is also expected to propel turnover from £10m currently to £15m by 2017.
Thos C Wild is investing across three areas of its business: it is introducing a new 2,500 tonne press, acquiring a ring sizer machine which will allow it to produce precision-forged rings in larger diameters and expanding its existing heat treatment facilities by extending its premises and installing larger capacity furnaces.