Member Article

North East entrepreneur motors ahead with new services

Alloy wheel refurbishment provider R S Alloy, established in 2010 by North East entrepreneur Ray Smith, is set to expand after securing funding from Barclays to invest in new equipment.

The Hartlepool-based business specialises in wheel straightening and polishing together with the refurbishment of alloy wheels.

The new equipment enables the business to undertake hydrographics work to an industrial standard and customers include motor enthusiasts and local motor trade organisations.

Ray Smith, Managing Director, R S Alloy said: “An opportunity arose to grow the business and with interest rates at an all-time low I decided the time was right to invest for growth and expand the services we provide.

“Purchasing the new equipment has been a big commitment but as we’ve doubled in size since our launch I’m confident that we can continue to grow in this niche market.”

Ian Kirk, Business Banking Manager at Barclays put together the funding package for the deal, said: “Ray spotted an opportunity to fill a gap in the market and operates a quality business which is contributing to the North East economy.

“Barclays has been able to support the business and its growth plans with a suite of products which will provide the flexibility for medium term expansion and we look forward to seeing the business develop of the coming year.”

The company reportedly expect to hire additional staff throughout this year to support their expansion plans.