A combination of traditional skills and the latest computer-aided equipment is behind the changes at Britalco, along with financial backing from the Black Country Reinvestment Society (BCRS).

Managing director Mark Scutt (pictured above) said: “A couple of years ago we were doing general fabrication and machining work but now we have specialised in small cranks. We are making thousands of them a year but we are also getting involved in making test cranks for Formula One.

“Engineering firms that work for F1 teams are constantly involved in development work, improving performance, and we are now working with some of them to produce the test crankshafts they need.

Work will involve specialist steels and Britalco’s computer-aided five-axis milling and grinding machines will be working at much higher levels of accuracy.

The firm already works to tolerances of ten microns – 10 millionths of a metre, or about a fifth the width of a human hair.

Now it will be working to five microns, or about one twenty-thousandth of an inch.

Britalco currently employs six people on the Villiers Trading Estate, specialising in small crankshafts that are already used in refrigerator and scuba diving air compressors as well as diesel engines.

The move up-market to producing specialist Formula One test crankshafts came with a need for new investment in people and machinery and the Black Country Reinvestment Society stepped in with a five year loan.

Mark Scutt said: “This additional finance will enable Britalco to move into the top end of the crankshaft market including the manufacture of small racing crankshafts which are mainly made abroad in Italy and France.

“We are hoping to have a slight advantage because so many Formula One teams, and the engineering companies working with them, are based in Britain. This move will also increase our turnover and profitability as well train up two new members of staff.

“It is very exciting for us all. By next season there may be cars competing with engines using crankshafts we have helped develop.”

Mr Scutt also praised the Reinvestment Society: “They were easy to work with, uncomplicated and unbureaucratic. The BCRS has proved a valuable source of funding to small companies like ourselves.”

Paul Kalinauckas, chief executive of the Black Country Reinvestment Society welcomed the diversification strategy of the company, saying: “The future for traditional manufacturers in the area is to diversify into higher added value products and develop their skilled workforces.

“However this involves risk and we are prepared to back companies like Britalco where they are unable to get all the finance they need from the banks.”