Formaplex, one of the South's leading engineering companies, supplying the automotive, F1, defence and aerospace sectors has received £3.5m working capital facilities through banking partner NatWest to aid business expansion.
The company was founded in 2001, and is a dynamic engineering company, specialising in injection-mould tooling, composite tooling and the manufacture of plastic components. Formaplex is bucking the trend by winning new contracts to supply tooling and machinery expertise to assist with the manufacture of the new Ministry of Defence Foxhound vehicle and tooling for components for the new Range Rover Evoke and Ford Fusion amongst others.
To support the increase in contracts, Formaplex sought a flexible £3.5million working capital facility from NatWest. Mat Glentworth worked in partnership with relationship Manager, Mike Bristow, to structure the correct funding that will allow Formaplex to commit and deliver against these contracts. In addition, 30 members of staff will be recruited to add to their existing 100 highly skilled team.
Michael Last, Managing Director of Formaplex commented: "While much is made of the declining influence and success of British manufacturing, Formaplex has consistently proven that the UK can provide market leading services to Worldwide organisations demanding premium products, proving there is still a place for manufacturing businesses in the UK. We are grateful to the NatWest team for supporting the increase in demand for our services".
Mat Glentworth, Director of structured finance at NatWest commented: "Formaplex is a superbly run company, with a history of tremendous success and a reputation for excellence. I am pleased that NatWest were well placed to provide the business with on-going support with a £3.5million Revolving Credit Facility and I wish them every success in the future".