Steel Products Manufacturer
Description: Steel Stockist and Manufacturer of Buildings Products
Project: Acquistion of machinery to secure supply chain and diversify into new market with new in-house designed products
Finance raised: Awarded "Grant for Business Investment" grant to underpin company's growth
The client manufactures steel manhole covers for the buildings trade. The company has full in-house facilities to make the pressed steel covers but used to sub-contract the manufacture of the outer frames. Due to the economic climate, its single supplier of the manhole covers outer-frames decided to exit the market. This would have resulted in the company being forced out of the market as finding another supplier and then ordering the necessary steel bars forming tooling would have caused a long disruption to supply and its customer for manhole covers would have gone away to another supplier. The existing supplier offered to sell the manufacturing machinery and tooling to the company and the acquisition has been completed with the financial assistance under the GBI grant from Advantage West Midlands. The investment has secured existing jobs, created new jobs within the new in-house manhole covers division and further jobs will be created when the company introduces new products for the construction industry. Genesis Consulting assisted the company to apply for grant support from the DTI for the expansion project and we undertook the following activities:
- Research of the UK market to underpin the proposed expansion and investment;
- Developed financial projections;
- Prepared Business Plan and case for financial assistance;
- Prepared and submitted the grant application to the DTI and provided support to liase with the grant awarding agency.
As a result of the services provided by Genesis Consulting, the client was able to secure the GBI grant towards the cost of the acquistion of machinery and tooling.