Formax has received £3.25 million working capital support from Barclays to fund its expansion.
The Leicestershire based company produces lightweight carbon fibre multiaxials, glass fibres and aramid fibres for marine, automotive, wind energy has recently invested heavily in machinery which will enable Formax to provide raw materials into a major automotive manufacturer’s development programme.
The 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.
Speaking about 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.
Formax has had a long standing relationship with Barclays for a number of years and Barclays is supporting the company with working capital facilities to fund the investment needed in machinery to meet their growing order book.