|1st August 2012|
UKSE Helps Mould Success In The West Midlands
A Walsall based plastic injection moulding company has secured funding to allow the company to expand its market share of trade with first and second tier supply companies in the automotive sector.
Bourne Technical Mouldings has agreed loan funding with UK Steel Enterprise of £40,000 for working capital to assist in the securing of additional contracts. The company, which operates out of the Maybrook Industrial Estate in Walsall Wood, is seeing existing clients wanting to place larger orders, which is why it approached UK Steel Enterprise for the funding.
UK Steel Enterprise is a wholly owned subsidiary of Tata Steel. It provides business finance in amounts from £25,000 up to £750,000 to a wide variety of companies with the aim of encouraging business growth and job creation in areas affected by changes in the steel industry.
Mark Bourne is Managing Director of Bourne Technical Mouldings and says that the loan deal was agreed at an important time in the company’s business cycle; “We can normally manage the long lead times in our industry but new orders have started coming in which could have added extra pressures. Over the last 18 months we have been consolidating our market share and aim to win even more in order to grow. Thanks to the funding from UK Steel Enterprise we can approach the future full of confidence and look toward securing even more market share.”
About 60% of Bourne Technical Mouldings’ sales are to the automotive sector, supplying big names like Maier UK, Koito Europe and Paintbox UK. It is also very active in the white goods market making mouldings for shower units amongst other items.
UK Steel Enterprise was introduced to the company by Chris Jones of Select Business Finance’s Wolverhampton office.
Keith Williams, Regional Manager for UK Steel Enterprise says the decision to provide finance to Bourne Technical Mouldings was based on the company’s growth and ability to provide skilled jobs in the West Midlands: “Small businesses like Mark’s often require finance when sales are growing and new contracts are secured. Without that additional help it is very difficult to grow and create new jobs. The company is now in a strong position to take advantage of the opportunities available.”
Along with its core activity of injection moulding, Bourne Technical Mouldings has built up a reputation for specialising in producing parts that require a secondary finish such as chrome plating, painting and aluminising. The company’s ability to produce added value products is setting it apart from many of its competitors. As Mark Bourne says; “Many of our clients value the fact that they don’t have to deal with more than one supplier as we can create and finish a moulding. This gives them added confidence in being able to deliver on time and it saves time and money – which is something everyone is trying to do right now.”