Petford ups its work volumes after bank switch

A BLACK Country toolmaker and moulder has seen an increase in its order book and secured financial support from Barclays.

Having recently moved its banking relationship to Barclays, Petford Tools has secured an invoice discounting facility which has enabled the company to increase work volumes for one of its largest clients – Jaguar Land Rover.

Dudley-based Petford is a specialist toolmakers and injection moulder for plastic injection, compression and composite moulds. The business has for many years designed and manufactured tools for some of the biggest names in the automotive sector.

Petford was founded in 1972 and operated from a single unit in Brierley Hill. Today the business operates from a 1.4 acre site in Dudley and employs 120 staff.

Managing director Mel Sinar said: “We have always prided ourselves on providing a toolmaking and moulding service of the highest standard. This ethos has stood us in good stead over the years and means we see clients coming back time and time again.

“Like any forward thinking business, we have diversified into new markets and today also offer a moulding service. This latest funding facility from Barclays has allowed us to increase our work volumes at the same time as protecting our cashflow position.”

Mike Corcoran, relationship director at Barclays, said: “Petford Tools have an excellent reputation in the industry formed off the back of the excellent quality of the service they have provided to some of the biggest names in the automotive sector over many years.

“They have continued to develop their product offering which has paid dividends in terms of winning new contracts.

“Invoice discounting is a facility that can be extremely helpful for a business, ensuring that payment is received upfront and therefore supporting the all-important cashflow situation.”

Black Country law firm Higgs & Sons supported Petford Tools during its move to Barclays.