Reid Lifting – an award winning Chepstow business that designs and manufactures a range of lightweight portable gantries and cranes – is investing £3.8m in a new factory with Welsh Government support.
Economy Minister Edwina Hart, who visited the facility recently, announced the Welsh Government is providing £680,000 business finance towards the project that will safeguard existing jobs and see staff numbers rise from 21 to 38 over the next few years.
The investment will enable Reid Lifting, which is based on Newhouse Farm Industrial Estate, to expand into larger purpose designed premises providing greater capacity for both its current requirements and future growth.
The need to expand is driven by growth of 15% per annum over the last four years, and a further growth in orders of 30% this year.
The Minister said:” Reid Lifting is a Welsh success story – it has consistently invested in the development of a range of highly innovative lifting gantries that have been used by such diverse organisations as the Louvre and the Vatican and Rolls Royce and London Underground.
“I am pleased to support their expansion in Wales that will enable the company to continue with its growth plans, create skilled jobs, bring more business to its local supply chain and continue to expand its exports market.”
Managing Director Nick Battersby said: “ This expansion is vitally important for our future growth as we currently do not have the capacity to meet the growing demand for our products. The new site will enable the company to make improvements in manufacturing operations, increase efficiency and productivity.
“Support from the Welsh Government has been critical and we are extremely grateful. This is a major investment for us and will help us sustain year on year growth of 20%. Over the past four years our turnover has doubled to £3.5m and we forecast doubling this figure again over the next four years.”
Exports account for 45% of Reid Lifting’s sales with keys markets in the US, Australia, the Middle East and Western Europe with noticeable growth in the UK.
The company has won an incredible three Queen’s Awards for Enterprise – two last year for international trade and innovation and one in 2006, again for innovation. It was voted Company of the Year at the Monmouthshire Business Awards 2013 and was shortlisted in this year’s Award in the sustained growth category.
Reid Lifting specialises in lightweight portable gantries and davit systems that can be deployed by one or two people quickly and ideal for use on hard to reach sites and difficult terrain.
It has traditionally focused on the water industry, with a particular strength in utilities, the hire sector and personnel protection applications. Their high profile customers include Jaguar Cars, Rolls Royce, London Underground, British Waterways and museums (British Museum, V&A, The Louvre and The Vatican).
Reid Lifting currently operates from a 13,500 sq ft unit and is building a new 45,000 sq ft factory on a 4 acre site with plans to initially occupy 30K sq ft and let out the remaining 15,000 sq ft – providing room for future expansion.
Work is due to start shortly with a completion date at the end of May and operational by July 2015.