A manufacturer based in the black country that makes roll-on roll-off skips, bespoke steel fabrications and forklift truck attachments has managed to more than double its turnover after successfully securing a business loan.
Sited in the West Midland town of Brierley Hill, Ridgeway Manufacturing Ltd was granted the loan to fund a management buy-out back in 2022, and has since taken its £1.6 million turnover to new heights of £4 million.
Manufacturing business loans can help companies access investment that unlocks a wide range of advantages, from buying new equipment that generate income to scaling up effectively.
Long-standing company directors Doug Jones and Melvyn Heath assumed control of the enterprise business after the management buy-out. This move was achieved with a £175,000 loan fortified by Ridgeway Manufacturing’s own funds.
Just two years later, the loan has already been paid off, and the manufacturer is an increasingly strong position. It has leased an extra 7,000 square foot unit on its current industrial estate to answer customer demand and ensure lead times are kept to a minimum, and its staff has over doubled in size, rising from 15 to 32, which includes apprentice welders. Fresh plans are already in the works to recruit a further eight welders and more apprentices in the future.
Following the management buy-out, the company has managed to retain all of Ridgeway Manufacturing’s long-serving staff member. This has ensured that the technical knowledge and skills of its experienced operators have stayed in the business.
This article was published for informational purposes only. Any organisations, individuals and events mentioned do not involve or directly relate to AJL Finance as a company.