Demand for its services has seen Chess Plastics invest in new injection moulding equipment
A UK injection moulder has invested in a new machine in order to cater for the “exceptional demand” for its services.
Chess Plastics Ltd, based in Droitwich, Worcestershire, purchased the new Negri Bossi e-Vector V800-6700 injection moulding machine after being granted a £184,000 asset finance facility from Santander Corporate and Commercial.
“We have had a strong year of growth and are in an excellent position to invest for the future,” explained Gareth Olden, Director at Chess Plastics. “ 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.”
The company, which specialises in large mouldings and high-volume manufacturing, says around 40 percent of its sales are to the UK automotive sector, where it 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 is demand, Chess Plastics’ sales totalled £8.5 million for the past 12 months – up 30 percent on the previous year. To manage this strong demand from clients and also allow the firm to seize further new business opportunities, the funding has been used to acquire not only the new machine, but also has allowed the company to take on three additional staff.
John Hyde, Relationship Director, Santander Corporate and 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.”