New jobs on horizon after bank funds lead to Dronfield firm expansion
A Dronfield-based firm is on the road to rapid expansion following a six-figure funding package from HSBC.
West Special Fasteners, which launched in 1999, manufactures specialist stainless steel and alloy fasteners – predominantly nuts and bolts – for UK and international customers in the oil and gas, construction and renewable sectors.
To meet demand for its products, and with the backing of HSBC UK, the business has expanded its factory by 40 per cent following the lease of a neighbouring 8,000 sq. ft. unit. The new unit will house production facilities and office space.
The business has also further enhanced its manufacturing capacity by purchasing a new laser marking machine, saw, automated lathe and welding equipment. The upgrade will allow it to scale up production by 60 per cent and significantly reduce waste.
West Special Fasteners, which employs 40 people at its Dronfield site, anticipates it will 'grow its turnover by 50 per cent' and create 10 new jobs in the next 12 months.
The business’s products have been used on a variety of projects – from the Spinnaker Tower in Portsmouth, to North Sea wind turbines, to the submarine that recently broke the deep-sea diving record.
James Hawkins, business consultant for West Special Fasteners, said: “We’ve had a sustained period of growth over the past three years and have recently secured a large order from oil and gas giant ExxonMobil. HSBC UK’s financial backing has allowed us to quickly react to this win by making the necessary strategic investments to significantly increasing our production capacity. Looking to the future, we’re now well-placed to win and service further large orders from customers around the world.”
Ryan Slater, relationship manager for South & East Yorkshire, HSBC UK, added: “We’re immensely proud to support West Special Fasteners – it’s a market leading and growth hungry manufacturer that invests to stay ahead of its competition and keep all its operations in the UK. We look forward to seeing the business continue to create new jobs and win new contracts.”