Auto supplier Petford Tools secures new premises after Barclays funding deal
A WEST Midland toolmaker and injection moulding company has purchased new premises after securing a new finance deal.
Dudley-based Petford Tools Ltd has purchased the new 3,000m² premises at Station Drive, Brierley Hill and plans to move into the new site in the New Year.
Petford Tools is a specialist toolmaker and injection moulding business, designing and manufacturing tools for some of the biggest names in the automotive sector.
The business was founded in 1970 by Mick Parr, chairman who operated from a single unit in Brierley Hill. Today the business employs 140 staff and has become one of the country’s leading independent toolmakers and injection moulders.
Mel Sinar, managing director of Petford Tools Ltd 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 also offer a moulding service.”
The firm approached Barclays for funds in able to secure the premises it needed.
“This latest funding facility from Barclays has allowed us purchase the new premises which will allow us to accommodate the increase in orders we have received,” added Sinar.
Mike Corcoran, Relationship Director at Barclays said: “Petford Tools have an excellent reputation in the industry formed off the back of the 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. The new premises will allow the company to put in to place the next stage of their expansion strategy.”
Dudley MP Chris Kelly said the firm was an excellent example of a true manufacturing business and one that not only continued with its core product offering, but had also identified new markets to ensure growth.
“I am very proud of the fact that Petford Tools is based within my constituency from where they are exporting increasing volumes to Europe and further afield,” he said.
“I look forward to watching the future success of the business and, as I said at Prime Minister’s Questions recently, I am very keen to showcase to the PM the best of Black Country engineering in action at Petford Tools on his next visit to the area.”
