Thos C Wild makes major investment to fuel ambitious growth plans
YORKSHIRE manufacturer Thos C Wild is making a multi-million pound investment as it looks to propel turnover and expand the business.
The forged rings producer, which works primarily with the aerospace, oil and gas and power generation sectors, is investing £3.6m in the firm, backed by HSBC and a Regional Growth Fund (RGF) grant from the Sheffield City Region Local Enterprise Partnership (LEP).
HSBC’s Sheffield Commercial Centre has provided a £2.7m funding package to support the investment, while the Sheffield City Region LEP has committed a £900,000 RGF grant.
The move forms part of a wider £8m refinance of the Sheffield company with HSBC.
Thos C Wild has added six members of staff as a result of the investment, bringing employee numbers to 59. It plans to create a further nine jobs over the next three years and it said the investment is expected to boost turnover from £10m to £15m by 2017.
The manufacturer, which has a history dating back to 1929 when it made munitions, is investing across three areas of its business: it is introducing a new 2,500 tonne press, acquiring a ring sizer machine which will allow it to produce precision-forged rings in larger diameters and expanding its existing heat treatment facilities by extending its premises and installing larger capacity furnaces.
The investment will allow Thos C Wild, which underwent a management buy-out in 2005, to produce a wider range of products at a greater capacity, resulting in cost savings and efficiency improvements. It will also safeguard existing critical plant.
Finance director,Gareth Lewis, said: “This is a major investment for our company and one which we feel will bring many benefits to the business over the coming years. We will be able to offer a wider range of products to our customers and will be able to better meet their specific needs.”
HSBC Sheffield area commercial director, Mick Knowles, added: “Thos C Wild produces products that are integral components of equipment that is used across the globe in a range of important sectors. The company is continuing to expand and innovate to meet the needs of its diverse customer base and I am pleased to welcome this long-established business to HSBC.”
Sheffield City Region LEP board member, Chris Scholey, is part of the RGF Steering Group which oversees the LEP’s fund.
He said: “The LEP’s £32m RGF programme is supporting companies across the Sheffield City Region with ambitious plans to invest and grow.
“We are delighted to be able to work alongside HSBC to support Thos C Wild with this significant investment. This will help support Thos C Wild to continue to grow and take on more skilled employees.”
Coun Leigh Bramall, cabinet member for business, skills and development at Sheffield City Council, added: “Thos C Wild’s £3.6m investment is great news for Sheffield and its economy. We are delighted that support through Creative Sheffield, the economic arm of Sheffield City Council, and the Local Enterprise Partnership has helped the team secure investment in a deal backed by HSBC.
“This deal shows confidence in the city as a place to base and expand a business and the deal will also support job creation in the city.”
