Family values at the heart of Clarkwood, Wolverhampton

Clarkwood Engineering at Blakenhall Industrial Estate in Sunbeam Street currently has three generations of the Wood family involved.

The high quality bolts, fasteners and fittings business, which was started by George Wood from Low Hill in 1974 at Pendeford, still has 11 of his children involved in its running led by managing director Roger, one of five brothers.

Clarkwood's growth and the resultant increase ins sales and employment has been supported by Lloyds TSB Commercial Banking.

Clarkwood serves customers in the petrochemical, oil, gas and nuclear power industries.

After an increase in demand the management approached Lloyds TSB Commercial Banking to invest in a truck and seven new machines to increase output. The funding took form in a cashflow finance facility and a six figure asset finance facility. This allowed the business to purchase the new assets without impacting on working capital.

To help cope with the increased production staff numbers have risen by two to 63 over the past few months.

The family also plan to refurbish an 8,000sq ft unit to produce its new TenCon product and house a research and development laboratory with the help of a Regional Growth Fund grant. The tension-controlled washers are being marketed for applications including use in wind turbines and on lorry wheels.

Christine Watkinson, company secretary and one of the six daughters of the late George, said: "We have seen a large rise in the demand for our products as clients look for a more bespoke manufacturing service. It is great to see that our family business of 39 years is thriving and continuing to grow. The new machinery has increased profits and therefore means we can hire new people.

"The bank has been very supportive and having a relationship manager who is specially trained in the manufacturing sector has been a real boost. The integrated funding has been fundamental in the expansion of the business. It means that we have a consistently reliable cashflow which we can use to re-invest back into the business."

David Spear, Lloyds TSB Commercial Banking relationship manager, said: "To see a manufacturing business thrive in the UK is a testament to the family's care, attention to detail and business strength."

Clarkwood, which won the manufacturing champion award in the 2012 Express & Star Business Awards, plans to increase the number employed by up to 30 in the next three years with turnover predicted to treble in that period.

Its turnover rose 40 per cent to £3.26m in the last 12 months alone.

Founder George Wood died in 1983 and his wife May last year. The five sons still in the business are Roger, Derek, Anthony, Philip and Paul – a sixth, Lionel, has retired, while the sisters are Christine, Jenny, Maria, Theresa, Georgina and Anita.

"A number of our sons and daughters also work for the company as well as two of Roger's grandsons," added Mrs Watkinson.