Growth and recruitment in prospect at NW plating firm following six-figure investment

Foreground: Alan Pennington and Steve Molyneux, Tafadzwa Imbayago, rear

A six-figure investment will fund future growth and recruitment at Leigh based Karas Plating.

The investment is from NPIF-FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment.

Karas Plating has more than 70 years of experience providing electroplating, surface coating, and metal finishing processes to clients across the UK.

It has clients in key sectors, including the automotive, aerospace and advanced manufacturing sectors.

The loan from NPIF-FW Capital is enabling the purchase and commissioning of a bespoke, automated silver-plating line which will improve efficiencies, helping the company to support the expanding busbar market which will underpin its growth aspirations.

A busbar is a metallic strip or bar that acts as a medium to distribute power in a system. It is an essential component used in all manner of applications from electric vehicles to power generation and distribution.

The busbar market size was valued at more than $19.2bn in 2022 and is set to grow at a rate of more than 5.1% by 2032. The investment will also help to create six new roles in the business over the next three years.

Alan Pennington, Karas Plating managing director, said: “We’ve established ourselves as a name to be relied upon in the plating industry with an extensive range of processes, each performed by our fully accredited and highly trained staff. Our sector is very niche and we’re constantly adapting to the increased demands for our processes.

“The investment from FW Capital has been instrumental in assisting our growth ambitions and enabled us to expand our capabilities with the addition of the automated silver-plating line. Steve Molyneux at FW Capital has been very supportive throughout the whole process.”

Steve Molyneux, investment executive at FW Capital, said: “Karas Plating is a long established business with a really strong reputation in the market that they serve. The new automated silver-plating line will provide additional capacity, whilst further enhancing their proven expertise in the industry.”

Debbie Sorby, senior manager at the British Business Bank, said: “We’re proud to support ambitious companies like Karas Plating as it embarks on its growth journey. The investment was a catalyst for Karas Plating, allowing it to enhance efficiency and expand its market reach.

“This investment not only drives innovation in the business but creates valuable employment opportunities, underscoring our commitment to fostering economic prosperity in Greater Manchester and beyond.”

The current NPIF investment phase has now completed with the British Business Bank launching the Northern Powerhouse Investment Fund II in March 2024.