Rimstock Ltd, Britain’s leading premium alloy wheel manufacturer, has agreed a £12.4m funding package from Clydesdale and Yorkshire Banks.
The West Bromwich firm designs and manufactures alloy wheels for some of the world’s most iconic marques, and under its Team Dynamics brand, supplies over 40 global motorsport series.
This finance package supports the development of a brand new 100,000 sq ft manufacturing plant. The new plant has enabled Rimstock to continue its expansion of its base and further funding received from Clydesdale and Yorkshire Banks will be used to invest in new machinery and equipment.
The plant will remain in the Sandwell Borough, where it is already a key local employer. Further jobs are expected to be created following this most recent expansion.
Heather Griffin, senior director for automotive atClydesdale and Yorkshire Banks, said: ‘We have had a valued relationship with Rimstock since 2008 and we’re delighted to be working with them to help realise their growth ambitions.
"The success of regional economies is critical the prosperity of the UK economy and particularly manufacturing, and we’re delighted to have the opportunity to play our part in the future development of such an aspiring manufacturer in the British automotive sector.
Steve Lane, CEO of Rimstock, added: “First introduced to Clydesdale and Yorkshire Banks in 2008, they helped steer Rimstock through the most turbulent time I’ve known in the industry for 30 years, and their continued support for our management team following a change of ownership 12 months ago has been fundamental to our continued growth.
“As a trusted partner in Rimstock’s future, I feel Clydesdale and Yorkshire Banks are unsurpassed as the manufacturers’ bank.”