Sheffield-based Independent Forgings & Alloys (IFA), a rapidly growing forging specialist, is the latest company to have been selected by Sharing in Growth (SiG) to join its award-winning business transformation programme.

IFA (www.independentforgings.com), which operates from a 250,000ft² facility, now plans to increase its annual turnover from £23 million in 2018 to nearly £42 million by 2024.

The company makes high-integrity open-die forged components for OEMs and Tier One suppliers in the aerospace, nuclear, power generation, marine and oil and gas sectors.

IFA’s turnover was £2.3 million in 2001, when it was bought out by its management team, and the company has huge potential to grow further.

It exports to more than 15 countries around in Europe, Asia and North America, and it employs over 150 people.

It received an £8.5 million capital investment from BGF (formerly the Business Growth Fund) in 2018, and it will now work with SiG to focus on its leadership, culture and operational capability.

IFA CEO Andy McGuinness said: “Our growth plans mean that we must secure more higher-volume long-term agreements in aerospace.

“This is an extremely price-sensitive market, so we require significant investment in capital equipment, and we need SiG’s specialist expertise to help raise our competitiveness.

“Otherwise, those long-term contracts will go to multi-national competitors with greater resources and financial backing.”

SiG is supported by the Regional Growth Fund and by more than £150 million of private investment.

Over 60 companies, with some 10,000 employees, have so far benefitted from the SiG programme around the UK.

Each company participates in a bespoke and intense training and business transformation programme, delivered by SiG’s own 100-strong team of business coaches, as well as a bank of world-leading experts from a number of other bodies.