Brierley Hill skip manufacturer doubles turnover to £4m in two years since investment

A Black Country manufacturer of forklift truck attachments and skips has more than doubled its turnover following a £175,000 funding award from BCRS Business Loans.

Ridgeway Manufacturing Limited, based on Cookley Wharf, Brierley Hill, secured funding for a management buy-out in 2022 from the Community Investment Enterprise Facility (CIEF) managed by BCRS Business Loans and has grown turnover from £1.6m to £4m.

In 2022, long-serving company directors Melvyn Heath and Doug Jones were presented with the opportunity to take over the business when they were given the option to complete a management buy-out (MBO).

Through a combination of funding from the Community Investment Enterprise Facility (CIEF), and its own funds, BCRS provided Ridgeway Manufacturing with the £175,000 investment required to support the MBO.

Ridgeway Manufacturing has since gone from strength to strength, leasing an additional 7,000 sq. ft unit on their existing industrial estate to meet customer demand and keep lead times to a minimum.

They have increased their workforce from 15 to 32 employees including a welding apprentice, while the business has plans to recruit an additional eight welders and further apprentices in the near future.

BCRS Business Loans senior business development manager Louise Armstrong said: “Melvyn and Doug’s ambitious plans for growth have paid off and I am delighted that BCRS were able to provide the funding they needed for the management buy-out.

“It’s been great to see the business thrive over the last two years, bringing vital jobs to the area, upskilling its team and innovating with development of a new range of products to target new markets.”

Alastair Davis, CEO of CIEF fund manager, the responsible finance provider Social Investment Scotland commented: “The CIEF fund is all about supporting SMEs to enhance and increase social and economic impact in local communities and the investment in Ridgeway Manufacturing has more than exceeded these objectives.

“We congratulate Melvyn and Doug on their achievements since taking over Ridgeway Manufacturing and look forward to hearing how they continue to grow and innovate in the future.”