Walsall steel firm primed for growth after £4.5m funding deal
A BLACK Country steel stockholder is set for a major expansion after securing a £4.5m funding package.
Walsall-based Offshore Stainless Supplies is a leading stockist and processor of cold drawn stainless steel bars and steel sheets. It is targeting growth after winning the backing of Santander Corporate & Commercial.
Established by current Managing Director Chris Joyce in 2000, Offshore Stainless Supplies has grown rapidly into a business employing 34 people and an annual turnover of £12m.
It currently serves clients both in the UK and increasingly abroad, with a particular focus on customers in the oil and gas, marine, transportation, automotive and construction sectors.
All operations were moved to a single site at Brownhills in Walsall 18 months ago when the company bolstered its management team with the appointment of new Financial Controller, David Wooldridge.
The firm has also invested £1.2m on a new ‘cut to length’ line which is expected to be fully commissioned shortly.
The new funding deal will support the conversion of higher volumes of raw bar into drawn material with the aim of improving turnaround times from 21 days to 3-4 days from order to shipping. It will also support the implementation of a new stock management system.
Chris Joyce, Managing Director, Offshore Stainless Suppliers, said: “We have been looking to expand our operations with the ultimate aim of providing an improved service to our expanding client base. The cut to length line will allow us to offer a more flexible service and our new stock management system will improve efficiency. This is an exciting time for the business and we are looking forward to the next phase of our growth.”
Debbie Partridge, Relationship Director, Santander Corporate & Commercial, said: “This is a great local family business which has developed a strong domestic and international client base. We have been thoroughly impressed with the knowledge and ambition of Chris and his team and are delighted to be involved in a true Midlands success story.”
