Atherstone-based Pressmark Pressings (www.pressmark.co.uk) is celebrating a significant transformation in its fortunes — just one year after a management buy-in (MBI) was completed.

The company provides high-volume components to automotive manufacturers; it was bought by management team Alan Gardner, John Nollett and Les Wilkins in July last year, after they spotted an opportunity to turn around one of the sector’s most under-recognised businesses.

Backed by their own cash (plus funding from ABN AMRO and Cambridge and Counties Bank), the trio have used their knowledge and contacts to put in place a number of new processes and secure more than £2 million of new contracts to supply pressed parts and sub-assemblies that will be used in new models for Honda and Nissan.

The company is currently exploring a number of projects relating to new products, ranging from tooling design to volume production.

Established in 1972, Pressmark is a specialist in high-quality metal pressings and resistance-welded assemblies, traditionally supplying white-goods and automotive manufacturers, although its order book is now growing to encompass industrial products and construction.

On its current site in Carylon Road, the firm has 26 large-bed presses, ranging from 150 to 1,200 tonnes to allow for the production of different-size products in both standard metals and exotic alloys.

Finance director Alan Gardner said: “If the second year continues as planned, we’ll be approaching a turnover of £9 million, with the long-term aim to grow to £20 million through organic expansion and possible acquisitions.

“The first stage will be to make sure that our site in Atherstone is performing as efficiently as we want it to.

“We’re already in the process of installing a progression press that will increase our production capacity by 140 hours every week, and there is an on-going investment plan in place to upgrade machinery and create a better working environment for our staff.”