Our relationship with Formaplex began in December 2007, when we first invested in the business. Since then, we’ve worked alongside the management team to provide a range of strategic and financial support.
Over the years, making the most of the opportunity to grow has seen us working in different ways with Formaplex. These have included strengthening the senior team and providing financial support to fund a major increase in manufacturing capacity.
The company’s production facilities have increased from 20,000 square feet when we first invested to 270,000 square feet today. Employee numbers have also risen, from 42 to 550 in the same period and turnover has grown from £6 million to £58 million. Formaplex operates from four advanced manufacturing facilities in the UK, including the 120,000 square-foot Voyager Park, which was opened in 2017. The company also has a strong network of international supply partners.
By getting to know the Formaplex management team over a ten-year period, we’ve been able to help them in many different ways. Most importantly, we’ve been involved in changing business structures and processes to make growth possible in both existing and new sectors, and in a range of technologies.
The Formaplex management team’s strategy of investing in people and equipment has created a business with broad capabilities and impressive manufacturing capacity. The company now has the flexibility to support clients from the design and prototyping stage through to full vehicle production.
Formaplex benefits from a global demand for travel, combined with the regulatory requirements for reduced emissions and improved fuel efficiency. These factors continue to increase international demand for the tooling and lightweight components it supplies to the automotive market.
Having successfully challenged the traditional methods used in the tool-making industry, Formaplex has developed a differentiated and highly profitable business in a marketplace characterised by low margins and long lead times. Its future has a firm foundation in its ability to provide an outstanding service to customers who have an increasing need for lightweight components.
Michael Bryant, CEO, Formaplex