Dudley-headquartered toolmaker and plastic injection moulder, Petford Tools Limited has secured a £1.5 million investment from Frontier Development Capital (FDC).
Established in 1971, Petford Tools specialises in the design and manufacture of injection mould tools for the automotive, aerospace, rail, and household sectors. They predominantly support Original Equipment Manufacturers (OEMs) and tier-one automotive manufacturers across the globe, serving household names including Jaguar Land Rover, Bentley and JCB.
The firm has recently secured a major contract with a leading manufacturer, providing products and services to an iconic automotive manufacturer. The investment provided by FDC’s National Tooling Loan Fund will be used to help Petford Tools deliver 41 injection mould tools.
FDCs National Tooling Loan Fund is designed to support manufacturing businesses working in England, with available finance of between £50,000 and £2 million, to help develop and manufacture tooling for their new and confirmed projects.
This investment from FDC will see Petford Tools create 11 new jobs, safeguard 20 existing roles, and welcome a series of apprentices into the business.
Petford Tools has been provided with investment from FDC previously, as they received a £3.5 million investment from the Advanced Manufacturing Supply Chain Initiative (AMSCI) in 2013.
Adrian Lloyd, Managing Director of Petford Tools Ltd, said:
“Since our launch in 1971, Petford Tools has grown to become one of the country’s leading mould tool makers and plastic injection moulders. We are at the heart of the UK and global automotive and manufacturing supply chain, with a track record and roster of clients to prove it. This investment from FDC will support us with the manufacture of injection mould tools to support our recently secured contract with Polytec Group. This contract will see us seize more opportunities and build on our history and recent successes.”
Marie Kelly, Investment Manager at Frontier Development Capital, said:
“Following the investment provided in 2013, Petford Tools has continued to thrive, winning more major briefs and working with global brands. FDC’s National Tooling Loan fund aims to help support toolmakers and component manufacturers with the funding needed to complete new and confirmed projects. We are happy to provide Petford Tools with the funding needed to help support them with their newest project, supporting the growth of the company, as well as open further opportunities for Petford Tools in the future with new and existing clients.”
For more information about the National Tooling Loan Fund visit: https://news.frontierdevelopmentcapital.com/what-is-tooling