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Formax, a leading global manufacturer of carbon fibre and speciality reinforcements, has received £3.25 million working capital support from Barclays to fund its rapid expansion.
Based in Narborough, Leicestershire, Formax specialises in the production of lightweight carbon fibre multiaxials and highly engineered glass fibre and aramid fibres which offer strength to component parts for the marine, automotive, wind energy, sports and industrial markets.
The fast-growing business was established in 1999 by Managing Director Oliver Wessely. Since that time, the company has gone from strength to strength and today employs 125 people. 70% of the company’s sales come from exports mainly in Europe but also in Singapore, Thailand, the US, Canada and Australia. Formax has increased its turnover from £118K in 1999 to a staggering £20 million in 2011.
The company’s latest investment in machinery will enable Formax to provide raw materials into a major automotive manufacturer’s development programme.
Speaking about the success of the business, Oliver Wessely, Managing Director said: “We have continued to invest in research and development which has allowed us to innovate and in doing so, are able to offer our clients bespoke products. This has resulted in us becoming one of the major players in the world, within our industry and has contributed to the fast growth of the business.”
The business has enjoyed a banking relationship with Barclays for a number of years. Richard Venters, Relationship Director in Barclays Corporate Banking team said: “Formax is an excellent example of a business who has continued to invest for the future and is reaping the rewards. Barclays is supporting the company with working capital facilities to fund the investment needed in machinery to meet their growing order book.”