A Grant for Business Investment (GBI) from Advantage West Midlands has helped automotive parts specialist Grayson Thermal Systems create jobs, expand its premises and secure £600,000 in private investment.
The GBI, formerly known as Selective Finance for Investment in England, is a form of financial assistance available to businesses located in assisted areas in England to support their expansion, modernisation, rationalisation and diversification.
As part of the scheme, regional development agency, Advantage West Midlands, has provided funding of £249,000 to help Grayson replace its existing factory in Tyseley, Birmingham, with a larger facility.
The new premises will house the company’s head office and its enlarged aluminium-manufacturing facility, whose new furnace is expected to boost production by 400 per cent. The company is set to continue manufacturing its copper-brass products at its unit in Tyseley and is currently recruiting 18 staff to meet increased production.
Graham Hateley, chairman of Grayson Thermal Systems, said: ‘We took the decision to expand late in 2007 and developed a strategy that would help us to achieve our goals.
‘Obviously the economic climate has deteriorated since then, but we are forging ahead with the vital support of Advantage West Midlands because we believe our plans will put us in a strong position to take advantage of future opportunities.
‘Over the last two years we have done a lot of work developing export business in Europe, and have opened a business in North America that is making good headway.‘We are redoubling our focus on export markets during 2009 as the pound’s weakness against the dollar and the euro enhances our value-for-money proposition.’