A Grimsby manufacturer is making positive steps towards its growth strategy thanks to a business advisory service being led by the Grimsby Institute Group.
With the emerging renewables market, local company WR Gaskets Ltd wanted advice on how to capitalise on new opportunities and export to the parent companies of many of its existing customers. From its trading and manufacturing premises in Pyewipe, WR Gaskets Ltd manufactures and supplies a wide range of packing and sealing products and stud bolts for a variety of sectors including oil, petrochemical, renewables and pharmaceutical.
Last year, the company sought guidance from business advisors in formulating a strategic growth plan for the company. This was part of the GREAT project, a £4m European Regional Development Fund project led by the Grimsby Institute Group, in partnership with Humber Chemical Focus. The project supports the development of renewables and environmental technology businesses in the area.
An advisor from the Grimsby Institute team worked with WR Gaskets to produce a four-point plan, which included new machinery, funding for growth, an expansion in the workforce and larger premises.
Paul Graham, Managing Director of WR Gaskets, explained: "The advice has had a measurable impact on the business. A new gasket cutting machine has now been purchased and installed. A three-year financial forecast has been developed and Regional Growth Development Fund (RDF) funding has been obtained. A lease has also been negotiated on premises adjoining our existing facility, which has enabled the workspace expansion to proceed. The first of the two new jobs has been filled and is a sales and marketing manager role, aimed at progressing business expansion.
"As well as receiving sound advice, we've also been introduced to UK Trade and Investment officers and are now on track towards developing an export market. The GREAT project team has become more aware of products and services WR Gaskets Ltd are to provide, which in turn has enabled advisors to recognise opportunities for supply chain networks to be developed with other businesses."
Executive Director of the Grimsby Institute, Andy Goudie, said: "We are delighted that WR Gaskets has been able to take advantage of our business advice and guidance and incorporate it into its strategy. There will be many opportunities for companies in the Humber region thanks to the significant investment from the renewables sector in our area. It's great that we can help local firms capitalise on this."