Sheffield-based Independent Forgings and Alloys (IFA), one of the UK’s leading aerospace and industrial forgers, has received an £8.5 million investment from the Business Growth Fund to support its growth plans.

This will help to fund a number of initiatives designed to enhance IFA’s manufacturing and testing capabilities.

Operating from a 250,000ft2 facility, IFA (www.independentforgings.com) manufactures high-integrity open-die forged components for OEMs and Tier One suppliers in the aerospace, nuclear, power generation, marine and oil and gas sectors.

Using materials such as nickel alloy, titanium, stainless steel and carbon alloys, the company primarily forges rings and bars that are used in a range of applications, including aircraft structures and engines, industrial gas turbines, oil rigs, civil nuclear reactors, F1 motor racing and satellites.

CEO Andy McGuinness was part of the team that acquired IFA from the Doncasters Group in 2001.

Since then, the business has become firmly established as a major supplier — through continued investment in innovation, R&D and people.

Now exporting to more than 15 countries in Europe, Asia and North America, it generated sales worth over £20 million in its latest financial year and employs over 150 people.

Mr McGuinness said: “Forging has a long history in Sheffield, and the uses for our open-die products continue to grow. The market offers attractive opportunities and, because of our focus on quality and innovation, we are well placed to capitalise on them.

“The business has grown steadily since 2001 and is in a strong position financially. Bringing BGF on board as a minority partner will allow us to accelerate our growth plans while maintaining control of the company.”