EXPANSION is now on the cards for an engineering company after a financing deal.
Havant-based Formaplex supplies the automotive, F1, defence and aerospace sectors, and was given £3.5m in working capital facilities from NatWest.
Formaplex is bucking the trend by winning new contracts to supply tooling and machinery expertise to assist with the manufacture of the new Ministry of Defence Foxhound vehicle and tooling for components for the new Range Rover Evoke and Ford Fusion, amongst others.
The money also means the firm can recruit 30 people to add to its 100-strong workforce.
The firm’s managing director, Michael Last, said: ‘Formaplex has consistently proven that the UK can provide market-leading services to worldwide organisations demanding premium products, proving there is still a place for manufacturing businesses in the UK.’