Business specialists at leading national accountants Crowe Clark Whitehill have helped a Black Country manufacturing company gain funding for a £760,000 expansion project that will create and safeguard jobs.
Steelway Fensecure, based at Wolverhampton and West Bromwich, has embarked on a project worth £760,000 to expand its product range and break into new markets.
The company has purchased a second laser cutting machine which will enable the business to exploit further the security products range for strategic utility suppliers.
The project will enable Steelway Fensecure to increase its capacity of security products to the water, oil and gas, data and telecom industries.
The increased demand will enable the company to generate 11 new jobs on top of the current 153.
The business, which was the subject of a management buyout four years ago, was originally founded in 1928, and provides high quality steel fabrications for a wide variety of sectors including water, power, nuclear, telecoms and construction.
Johnathan Dudley, who is Midlands Managing Partner of Crowe Clark Whitehill and also the firm’s National Head of Manufacturing, worked with Steelway Fensecure, Mike Middleton and Keith Moore of Lloyds Bank in formulating the plan and successful application for the Green Bridge Fund grant, to put in place the necessary funding.
He said: “The new laser cutting machine and associated IT system will significantly reduce the need for staff travel between the firm’s two sites in Wolverhampton and West Bromwich, thus cutting carbon emissions, congestion and time and also reduce defects in the system.
“This reduction in the carbon footprint of Steelway made it eligible for the grant from Green Bridge. The grant from the Green Bridge fund was essential in ‘pump priming’ our investment decision. “
He added that in order to be first to market, the company, its advisers at Crowe Clark Whitehill and Lloyds Bank’s commercial managers had to work fast.
“This was a real team game, and we are very pleased to have been able to help Steelway Fensecure submit their application on time and right first time,” he said.
Dan Houghton, managing director at Steelway Fensecure, said: “We wanted to invest in the development of our product line and design innovation, to ensure that we can continue to offer the highest quality steel fabrications and develop further markets for its extensive product range.
“Crowe Clark Whitehill’s guidance and advice was crucial and the hire purchase facility and flexibility provided by Lloyds Bank was ideal, allowing us to spread the cost of the equipment across a fixed term.”
