A £184,000 asset finance grant from Santander Corporate & Commercial has allowed Worcestershire-based Chess Plastics Ltd to purchase a hi-tech injection moulding machine to cater for exceptional demand.
Established in 1968, Chess Plastics has grown over the past five decades into a leading supplier of hi-grade plastic products and become a specialist in large-size and high-volume manufacturing.
Around 40% of its sales are to the UK automotive sector, where the firm has become second-tier suppliers to marques such as Jaguar Land Rover. Other key sectors for the firm include garden furniture manufacturers, the housewares sector, and the brewing industry.
As an indication of the increase in demand, Chess Plastics’ sales totalled £8.5 million for the past 12 months – up 30% on previous year.
To manage this strong demand from clients and also allow the firm to seize further new business opportunities, the funding from Santander Corporate & Commercial has been used to acquire a Negri Bossi e-Vector V800-6700 injection moulding machine.
Having also just taken on three more staff, Chess Plastics’ director, Gareth Olden commented: “We’ve had a strong year of growth and are in an excellent position to invest for the future.
“The purchase of this new moulding machine is central to our long-term growth plans, and the funding package and support from Santander has been instrumental.”
John Hyde, relationship director at Santander Corporate & Commercial, said: “Chess Plastics is a great example of a local firm at the heart of the UK economy. The firm is showing strong signs of growth and this latest investment in the hi-tech machine is a clear indication of the firm’s appetite for expansion and focus on product excellence.”