23rd February 2024
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Leigh based Karas Plating is planning for future growth and new job creation after receiving a six-figure investment from NPIF – FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment.
Based in the historic town of Leigh in Greater Manchester, Karas Plating has over 70 years of experience providing high quality electroplating, surface coating, and metal finishing processes to clients across the UK. With a well-earned reputation for reliability and customised solutions, they have clients in key sectors, including the automotive, aerospace and advanced manufacturing sectors to name just a few.
The loan from NPIF-FW Capital is enabling the purchase and commissioning of a bespoke, automated silver-plating line which will improve efficiencies, helping the company to support the expanding Busbar market which will underpin their growth aspirations. A busbar is a metallic strip or bar that acts as a medium to distribute power in a system. It is an essential component used in all manner of applications from electric vehicles to power generation and distribution. The Busbar market size was valued at over USD 19.2 Billion in 2022 and is set to grow at a rate of over 5.1% by 2032 (Source: GM Insights). The investment will also help to create six new roles in the business over the next three years.
Alan Pennington, Managing Director at Karas Plating said: “We’ve established ourselves as a name to be relied upon in the plating industry with an extensive range of processes, each performed by our fully-accredited and highly-trained staff. Our sector is very niche and we’re constantly adapting to the increased demands for our processes. The investment from FW Capital has been instrumental in assisting our growth ambitions and enabled us to expand our capabilities with the addition of the automated silver-plating line. Steve Molyneux at FW Capital has been very supportive throughout the whole process.”
Steve Molyneux, Investment Executive at FW Capital added: “Karas Plating Ltd is a long-established business with a really strong reputation in the market that they serve. I was really impressed with the management team and their clear growth strategy and was therefore delighted to assist them with their plans. The new automated silver-plating line will provide additional capacity, whilst further enhancing their proven expertise in the industry. I look forward to following the firm’s future growth and success.’
Debbie Sorby, Senior Manager at the British Business Bank said: “We’re proud to support ambitious companies like Karas Plating as it embarks on its growth journey. The investment was a catalyst for Karas Plating, allowing it to enhance efficiency and expand its market reach. This investment not only drives innovation in the business but creates valuable employment opportunities, underscoring our commitment to fostering economic prosperity in Greater Manchester and beyond.”
The current NPIF investment phase has now completed with the British Business Bank launching the Northern Powerhouse Investment Fund II in March 2024.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719.
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