Metal manufacturer acquires investment for production of luxury car parts.
Midlands-based manufacturer Radshape Sheet Metal has secured £1 million of funding from Finance Birmingham. The funding will allow the company to invest in essential tools for the production of parts for a future Bentley vehicle.
The deal will also help the business create 10 new roles and secure 20 more jobs over the next seven years.
Radshape’s contract with Bentley is a significant coup for the business, which currently employs 60 people at its factory in Aston. Established in 1967, the firm has over 40 years experience in the manufacture of precision sheet metal parts. It has national and international clients across a wide range of sectors including automotive, commercial and defence.
The £1million boost has been provided by Finance Birmingham as part of its £24 million Tooling Funding Programme which has been supported by the Regional Growth Fund. The programme is designed to help toolmakers and component manufacturers fund the design, development and manufacture of tooling or expand their tooling capacity. Businesses can apply for development funding of between £50,000 to £1 million.
Keith Chadwick, Managing Director, Radshape Sheet Metal, said: “The support we received from Finance Birmingham has played a pivotal role in securing this new contract from Bentley and our future as a business. The funding we have received for tooling is simply unavailable from more traditional sources of finance.
“While this is just one contract, this will further enhance our long term relationship with Bentley which spans over 40 years in attracting new business opportunities.”
Steve Hetherington, Tooling Investment Director, Finance Birmingham added: “Radshape is a successful business that uses some of the most cutting edge technology and techniques in the field. However, without the funds and security to underpin large scale capital investment it, like many others in the automotive supply chain, can struggle to win contracts with big name manufacturers, like Bentley. This is the beginning of an exciting chapter in Radshape’s evolution and one we have worked closely with the business to secure and support.”
“Finance Birmingham’s Tooling Fund Programme exists to help companies like Radshape to grow and access a whole new level of the market.”