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£12m Funding to Fuel Manufacturer’s Expansion

West Bromwich-based alloy wheel manufacturer Rimstock has secured a £12.4m funding package from Clydesdale and Yorkshire Banks.

The deal will support the development of a new 100,000 sq ft manufacturing plant, allowing the company to continue its expansion across the town.

Some of the funds will be used to invest in new machinery and equipment, while jobs are expected to be created.

From its West Midlands base, Rimstock designs and manufactures alloy wheels and, under its Team Dynamics brand, supplies more than 40 global motorsport series.

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, chief executive 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."

For more information please contact Rimstock on 0121 525 2525 or visit www.rimstock.com.

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