Business Secretary praises Studley manufacturer on strong growth

A WARWICKSHIRE manufacturer has been praised by the Business Secretary for its success in investing in growth and creating new jobs.

Ricor, based in Studley, has been in business for more than 40 years and manufactures metal pressings and welded assemblies for a wide range of sectors including automotive, power generation, retail and green industry technologies.

The company, which also has a manufacturing facility in Poznan in Poland, has grown from an £8m turnover business in 2008 to £40m in 2015 – and has ambitions to grow still further.

The firm is expanding its factory in Studley, building a new facility in Poland and has also recently invested €3m in a 1,000 tonne AIDA transfer press. It has been supported in its growth over the last 12 months by the Coventry and Warwickshire Growth Hub.

The Growth Hub provided advice and support in helping the company through the planning system, as well as assisting the company to obtain a £50,000 grant.

The company’s growth ambitions are now focused on establishing its own on-site advanced manufacturing training facility.

Business Secretary Sajid Javid visited Ricor for himself to what makes the firm such a success.

He said: “The Government is backing the Midlands to be an engine for growth and I want to see even more companies like Ricor investing, growing and creating jobs for people.

“The Coventry and Warwickshire Growth Hub will continue to play a vital role by combining expert local advice with access to national support, to help firms across the region reach their potential.”

John Beary, managing director of Ricor, said the firm welcomed the visit to explain the company’s expansion plans, vision for the future and how it has received support from the Growth Hub.

He said: “The company has grown substantially since 2008, when we employed 50 people, to a £40m turnover business which now employs 350 people.

“We’re investing heavily in extending our facility in Studley and buying a new factory in Poland and have big plans to continue the growth we’ve achieved over the last seven years.

“We are aiming to be turning over £60 million within five years, and we have a vision to create our own training facility to support us in developing people with the right skills we need.”

He said the Growth Hub continued to offer help accessing funding and facilitating the further expansion of the business.

The Coventry and Warwickshire Growth Hub, which provides support and advice for businesses, was formed by the Coventry and Warwickshire Local Enterprise Partnership as part of its City Deal with Government.

Partners involved include the Coventry and Warwickshire Chamber of Commerce, UKTI, Local Authorities across the sub-region, Coventry University, the University of Warwick and MAS (Manufacturing Advisory Service now part of the Business Growth Service).

Craig Humphrey, managing director of the Coventry and Warwickshire Growth Hub, said: “Ricor is a big success story for Warwickshire and the wider Midlands region.”