Partner Article

Sheffield’s Thos C Wild forges ahead with £3.6m expansion

Sheffield-based forged rings producer Thos C Wild is investing £3.6m to expand its business in a deal backed by HSBC and a Regional Growth Fund grant from the Sheffield City Region Local Enterprise Partnership.

HSBC’s Sheffield Commercial Centre has provided a £2.7m funding package to support the investment, 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, and marks the start of a new business banking relationship between the two parties.

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.

Thos C Wild finance director Gareth Lewis said: “This is a major investment for our company and one which we feel will bring many benefits to the business over the coming years.

“We will be able to offer a wider range of products to our customers and will be able to better meet their specific needs.”

HSBC Sheffield area commercial director Mick Knowles added: “Thos C Wild produces products that are integral components of equipment that is used across the globe in a range of important sectors.

The company is continuing to expand and innovate to meet the needs of its diverse customer base and I am pleased to welcome this long-established business to HSBC.“

Thos C Wild’s history dates back to 1929 when it made munitions and underwent a management buy-out in 2005.

Today the business works primarily with the aerospace, oil and gas and power generation sectors.

This was posted in Bdaily's Members' News section by Mark Lane .