Lost Wax Development is using its 30th birthday as the perfect platform to increase turnover and win new contracts in the automotive, petrochemical and fine art markets. The company staged an official opening of its new purpose built 31,000 sq ft manufacturing facility on 12 October with a special celebration hosted by the Rt Hon Ian Pearson.
Boosted by support from Manufacturing Advisory Service West Midlands and Accelerate, the company's new Firs Industrial Estate site is complete with the latest technology and an ever expanding 50-strong workforce.
The new Minister for Science and Innovation welcomed staff, clients, suppliers and regional partners and immediately revealed how pleased he was to see the firm winning business and diversifying into new markets.
He also highlighted Lost Wax s commitment to innovation as a barometer of what UK manufacturers need to do, in order to compete against emerging nations.
'This is a great day for everyone involved in the company and is a clear indication of our desire to be the best in the field when it comes to producing precision parts and castings,' explained Wendy Bennett, sales director.
'Our new facility, which represents a £1.5m investment, provides us with an additional 9,000 sq ft capacity and a factory layout that we have designed ourselves.'
She continued: 'Naturally, this will make a major difference to communication, workflow and productivity levels for our customers and suppliers. From an image point of view, the striking frontage can only add to our corporate identity.'
Lost Wax Development, which has recently taken on seven new people, has experienced a whirlwind five years, after becoming one of the first companies to tap into advice from the Manufacturing Advisory Service.
Continuous improvement exercises have delivered a host of operational benefits and provided a solid base for the company to secure high profile contracts with Perkins Engines, Aston Martin and Bentley.
It has also recently secured global supplier status for Shell Oil, an opportunity that could triple the amount of export work undertaken.
'Turnover is continually growing and we are expecting sales to reach £2.5m this year and maybe even break the £3m mark over the next twelve months,' continued Wendy.
'I think our success stems from our ability to transfer traditional expertise into new marketplaces. For example, we ve even started another division called Art-Eng, which specialises in providing intricate stainless steel awards, decorative wear, sculptures and even the toggle that is attached to the flag on top of the Ritz.'
David Wright, chief executive of the Manufacturing Advisory Service- West Midlands, concluded: 'This is an excellent example of what a modern day manufacturer can achieve with clear management goals, a commitment to world class performance and an understanding that external expertise can really help.
'Lost Wax was one of the first companies to use our service and the benefits it has enjoyed through close collaboration have been huge. I firmly believe this is just the next step in their continuing development.'