Engineering group optimistic it has ‘sound platform for growth’

Engineering group Chamberlin is optimistic it now has a “sound platform for growth” and can emerge from a very difficult period for the Walsall-based business.

It raised £3.5m in a fundraising earlier this year and also made 101 staff redundant as part of a plan to save £3.4m a year.

The AIM-listed business was forced to take drastic steps after losing important contracts last year.

But chairman Keith Butler-Wheelhouse believes the company is “now well positioned to exploit the opportunities” in its next financial year, which begins on June 1.

That day will also see operations director Kevin Price officially step up as chief executive, taking over from Kevin Nolan.

Butler-Wheelhouse said: “The recently completed fund-raise has facilitated the restructuring of the C&H Foundry in Walsall and provides a sound platform for growth.

“Efforts are concentrated on replacing revenue at C&H, following the loss of major contracts at the end of 2020.”

Chamberlin has won a three-year contract to supply components for diesel engine generators starting in July, and early next year will start supplying an existing customer on a “low volume, high value” five-year programme to manufacture turbocharger bearing housings for a luxury sports car manufacturer.