Special Bolt targets export growth after funding deal

A COVENTRY-based manufacturer is targeting a 60% increase in turnover to £4m over the next three years after securing additional funding from Bibby Financial Services.
 
Special Bolt Coventry manufactures forged components and turned parts such as nuts, bolts and industrial fastenings. Many of its customers are in the automotive industry and include Land Rover, Caterpillar and Ford.

The financial terms of its funding deal with Bibby have not been disclosed.
 
Currently one-third of the firm’s sales come from the export market, with customers in Latin America and Europe, and by targeting growth of 60% by 2017 it is seeking to capitalise on the reputation of British manufacturers overseas as producers of specialised, high quality products.
 
Tim Bayliss, the firm’s managing director, said: “One of our key automotive customers has a sister factory in Brazil so almost from the beginning we were able to start exporting our products. This really helped us to grow significantly over the last four years despite the downturn in the UK economy.
 
“Foreign customers know that when they are buying from a British manufacturer they may have to pay a little more but they are buying a niche product of superior quality – and quality is paramount in the automotive industry.”
 
Its renewed funding agreement with Bibby Financial Services now includes credit insurance – which protects against the failure of a customer to pay a trade credit debt – alongside an export factoring facility.
 
Lewis Gallivan, relationship manager at Bibby Financial Services, said: “With a healthy export business Special Bolt Coventry was able to buck the stagnant economy in the UK and secure fast growth.

“Now with a cautious recovery coming to fruition in the UK, the business is well placed to grow both domestic and international sales.”