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 350,000 square feet today. Employee numbers have also risen, from 42 to over 700 in the same period and turnover has grown from £6 million to £62 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.
We have worked with the Formaplex management team over the past twelve years to evolve the company from an automotive tooling business into a manufacturer of lightweight components. We have invested £4.5m over the past three years to support a £21m capital equipment investment programme.
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 light weighting of vehicles, combined with the regulatory requirements for reduced emissions and improved fuel efficiency. These factors continue to increase international demand for the lightweight components it supplies to the automotive market.
Formaplex has developed a differentiated and highly profitable business in a marketplace which is undergoing significant technological change. 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