A STUDLEY firm has been praised by Business Secretary Sajid Javid for its success in investing in growth and creating new jobs.
Ricor Limited, based at Arrow Works, has been in business for more than 40 years and makes metal pressings and welded assemblies for sectors including automotive, power generation, retail and green industry technologies.
The company, which also has a manufacturing facility in Poznan in Poland, has grown from an £8 million turnover business in 2008 to £40 million in 2015.
Ricor is expanding its factory in Studley, building a new facility in Poland and has also recently invested three million Euro in a 1,000 tonne AIDA transfer press. It has been supported in its growth over the last 12 months by the Coventry and Warwickshire Growth Hub.
The Growth Hub has provided advice and support in helping the company through the planning system for its expansion, as well as assisting the company to obtain a £50,000 grant.
Mr Javid, MP for Bromsgrove, said: “The Government is backing the Midlands to be an engine for growth and I want to see even more companies like Ricor investing, growing and creating jobs for people.
“The Coventry and Warwickshire Growth Hub will continue to play a vital role by combining expert local advice with access to national support, to help firms across the region reach their potential.”
John Beary, managing director of Ricor, said the firm welcomed the visit to explain the company’s expansion plans, vision for the future and how it has received support from the Growth Hub.
He said: “The company has grown substantially since 2008, when we employed 50 people, to a £40 million turnover business which now employs 350 people.
“We’re investing heavily in extending our facility in Studley and buying a new factory in Poland and have big plans to continue the growth we’ve achieved over the last seven years.
“We are aiming to be turning over £60 million within five years, and we have a vision to create our own training facility to support us in developing people with the right skills we need.
“The Growth Hub is helping us to access funding and different channels of support to continue the expansion of the company and we welcomed the opportunity to share our story with the minister about how we’ve got to where we are and our ambitions for the years to come.”
The Coventry and Warwickshire Growth Hub, which provides support and advice for businesses, was formed by the Coventry and Warwickshire Local Enterprise Partnership as part of its City Deal with Government.