West-Bromwich-based Rimstock (www.rimstock.com) has received a £12.4 million funding package from Clydesdale and Yorkshire Banks (CYBG) to fund expansion that will see the company double its 200-strong workforce over the next two years.

Rimstock designs and manufactures alloy wheels for some of the world’s most iconic marques, including Aston Martin, Jaguar Land Rover, Toyota, Ford and Mercedes-Benz; and under the Team Dynamics brand, it supplies over 40 global motor-sport series.

Earlier this year, the company revealed ambitious plans to grow its sales from £16 million this year to £70 million by 2021. The new finance package will help support the development of a new 100,000ft² manufacturing plant at its Black Lake site in West Bromwich, plus investment in new machinery and equipment.

Rimstock CEO Steve Lane said: “We were first introduced to CYBG in 2008, since when they have helped steer Rimstock through the most turbulent time I’ve known in the industry for 30 years.

“Furthermore, the bank’s continued support for our management team following a change of ownership 12 months ago has been fundamental to our continued growth.

“The investment has also provided an opportunity to accelerate the company’s aspirations — to be Europe’s, if not the world’s, leading manufacturer of premium alloy wheels.”