£12m funding boost for Rimstock

Rimstock, based in West Bromwich, has agreed a £12.4 million funding package from Clydesdale and Yorkshire Banks.

The company designs and manufactures alloy wheels for some of the world’s most iconic marques – including Aston Martin, Jaguar Land Rover, Toyota, Ford and Mercedes-Benz – and under its Team Dynamics brand supplies over 40 global motorsport series.

The new finance package supports the development of a brand new 100,000 sq ft manufacturing plant at the Black Lake site in West Bromwich. This has enabled Rimstock to continue the expansion of its base in the town and further funding received from Clydesdale and Yorkshire Banks will be used to invest in new machinery and equipment.

The new plant underlines Rimstock's position as a key local employer in the Sandwell borough, and further jobs are expected to be created following this most recent expansion.

The company has expanded into its newly-built facility as part of plans that will see Rimstock double its 200-strong workforce over the next two years.

Heather Griffin, senior director automotive at Clydesdale 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."

It is exactly a year since the company was bought by global investment firms Safanad and Current Capital, together with British entrepreneur, David Roberts who became the executive chairman. Mr Lane stayed on as CEO following the deal.

CEO Steve Lane added: "It’s 12 months ago today (June 6, 2016) since we announced to our people and wider stakeholders, our change of ownership.

"Here at Rimstock, through both our new ownership and the support of CYBG, the investment has provided an immense opportunity to accelerate the company’s aspirations - to be Europe’s, if not the global, premium alloy wheel manufacturer.

"And certainly the response from both current and potential new customers looking for a British manufacturer to supply their alloy wheel programmes, has been extremely positive.

"Our focus has been to complete our new construction on the former E&S site, adding 100,000 square feet of new plant (now re-named Black Lake Park Headquarters); investment in state of the art equipment; IT ; and most importantly, our people.

"In the past 12 months, we have also launched a new corporate identity and customer website at rimstock.com, and we are in the final stages of introducing our new brand scheme across the company.

"We are Britain’s only OEM alloy wheel manufacturer, so to remain at the forefront of advanced OEM wheel design and production, it is crucial we continue to invest in Black Lake Park, with over £11 million invested already in the last year, and more to come.

"We are exhibiting this week at Britain’s foremost automotive supplier show, Automechanika Birmingham, which provides us with a tremendous platform to showcase our products and plans for the future.”

Earlier this year David Roberts revealed ambitious vision for Rimstock to grow from £16m sales this year to £70m by 2021 as it became the key wheel supplier to firms like Jaguar Land Rover, McLaren, Aston Martin, Bentley and Morgan.