Fox Wire is heading for expansion after securing a multimillion pound investment from Finance Yorkshire and bankers HSBC.
The 170-year-old Stocksbridge-based business is the UK’s largest manufacturer of stainless steel, nickel alloys, copper, brass and aluminium engineering wires, exporting to customers across Europe.
Fox has secured a £1 million investment from Finance Yorkshire’s Equity Linked Fund and £3.2 million in debt and working capital facilities from HSBC.
Director and major shareholder Oliver Baker has made a further investment in the business, while commercial manager Jonathan Rigby and operation manager Shaun Stancliffe have also invested and join the board as managing director and operations director respectively.
Fox Wire will use the cash for working capital and to invest in its production facilities as it aims to become one of Europe’s leading specialist wire producers.
It plans to move deeper into technically advanced markets, including aerospace and energy, while also strengthening its existing position in the oil and gas sectors.
Oliver Baker said: “This is a major step forward for the business and we’re excited by the opportunity to put Fox Wire back on the map. We have a fantastic team and brand name and now the necessary resources to succeed.”
Finance Yorkshire investment director Paul Gower said: “Fox Wire’s team has ambition and commitment, investing a significant amount alongside Finance Yorkshire.
“In addition we have further strengthened the team through introducing former Sheffield Forgemasters chairman and chief executive David Fletcher as non-executive chairman.”
Kevan Shaw, Lisa Ritson and Kevin Storm from Sheffield based deal makers Castle Square Corporate Finance acted as lead advisor to the company and the management team.
Andrea Cropley and Matt Ainsworth from Irwin Mitchell Sheffield led the team providing legal advice to the company and management.
Castle Square director Kevan Shaw said: “The funding package is evidence that equity investment and debt finance facilities are available to good businesses with strong management teams.”