Major £1.5m investment as toolmaker wins new contract

A TOOLMAKER and plastic injection moulder has secured a £1.5 million investment.

Established in 1971, Dudleybased Petford Tools specialises in the design and manufacture of injection mould tools for the automotive, aerospace, rail and household sectors.

It predominantly supports original equipment and automotive manufacturers across the world, serving household names including Jaguar Land Rover, Bentley and JCB.

The firm has recently secured a major new contract and this latest funding round will help Petford Tools deliver 41 injection mould tools as well as create 11 new roles and hire new apprentices.

Managing director Adrian

Lloyd said: “We are at the heart of the UK and global automotive and manufacturing supply chain, with a track record and roster of clients to prove it.

“This investment will support us with the manufacture of injection mould tools to support our recently secured contract with Polytec Group.

“This contract will see us seize more opportunities and build on our history and recent successes.”

The £1.5 million investment was agreed with Frontier Development Capital from its national tooling loan fund, designed to support manufacturing businesses working in England to develop and manufacture tooling for new projects.

Investment manager Marie Kelly added: “Following the investment provided in 2013, Petford Tools has continued to thrive, winning more major briefs and working with global brands.

“The fund aims to help support toolmakers and component manufacturers with the funding needed to complete new and confirmed projects. We are happy to provide Petford Tools with the funding needed to help support them with their newest project, supporting the growth of the company, as well as open further opportunities for it in the future with new and existing clients.”