Forged rings producer Thos C Wild is investing £3.6 million in expanding its product range and creating new jobs.
HSBC’s Sheffield Commercial Centre has contributed £2.7 million towards the expansion as part of a wider £8 million refinancing package for the Sheffield firm.
Meanwhile, Wild has secured a further £900,000 from the Regional Growth Fund, through the Local Enterprise Partnership.
The company has already expanded its workforce by more than 10 per cent as a result of the investment and plans a further 15 per cent hike over the next three years that will bring the number of people it employs to almost 70.
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. I’d like to thank HSBC and Creative Sheffield for their support of this investment, which is benefiting the local jobs market and economy.
“This marks the start of a new banking relationship with HSBC and I look forward to working with the bank as we continue on our growth path.”
Wild is installing a new 2,500 tonne press and a ring sizer, which will allow it to produce precision forged rings with larger diameters, and installing larger capacity heat treatment furnaces.
HSBC Sheffield Area Commercial Director Mick Knowles said: “Thos C Wild produces products that are integral components of equipment 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.”