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Formax has received £3.25 million working capital support from Barclays to fund its rapid expansion.
Since opening in 1999, Formax explains it has increased its turnover from £118K to £20 million in 2011. They say the latest investment in machinery will enable them to provide raw materials into a major automotive manufacturer’s development programme.
Speaking about the success of the business, Oliver Wessely, Managing Director said “We have continued to invest in research and development which has allowed us to innovate and in doing so, are able to offer our clients bespoke products. This has resulted in us becoming one of the major players in the world, within our industry and has contributed to the fast growth of the business.”
The business has enjoyed a banking relationship with Barclays for a number of years and Richard Venters, Relationship Director in Barclays Corporate Banking team said “Formax is an excellent example of a business who has continued to invest for the future and is reaping the rewards. Barclays is supporting the company with working capital facilities to fund the investment needed in machinery to meet their growing order book.”
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