The six-figure investment will fund future growth and recruitment for Leigh-based Karas Plating.
The investment will be made from NPIF-FW Capital Debt Finance, managed by FW Capital and part of Northern Powerhouse Investment.
Karas Ptting has over 70 years' experience of providing electroplating, surface coating and metal finishing processes to customers across the UK.
We have customers in key sectors such as automotive, aerospace, and advanced manufacturing.
The loan from NPIF-FW Capital will enable the purchase and commissioning of a bespoke automated silver plating line that will improve efficiency and support the expansion of the busbar market to support the company's growth aspirations.
A busbar is a metal strip or bar that acts as a medium to distribute power within a system. It is an essential component used in all kinds of applications, from electric vehicles to power generation and power distribution.
The busbar market size was valued at over $19.2 billion in 2022 and is expected to grow at a growth rate of over 5.1% by 2032. This investment will also help him create six new roles in the business over the next three years.
Alan Pennington, managing director of Karas Plating, said: “We have established a trusted name in the plating industry due to our extensive processes carried out by fully certified and highly trained staff. Our field is very niche and the demand for our processes constantly adapting to the increase in
“The investment from FW Capital has helped support our growth goals and allowed us to expand our capabilities with the addition of an automated silver plating line. Steve Molyneux at FW Capital has been extremely supportive throughout the process. It was spot on.”
Steve Molyneux, Head of Investments at FW Capital, said: The new automated silver plating line provides additional production capacity while further strengthening our industry-proven expertise. ”
Debbie Sorby, senior manager at British Business Bank, said: This investment was a catalyst for Karasu's plating, allowing it to increase efficiency and expand its market reach.
“This investment will not only drive business innovation, but also create valuable job opportunities and underline our commitment to driving economic prosperity in Greater Manchester and the rest of the world.”
The current investment phase of the NPIF was completed with the British Business Bank's launch of the Northern Powerhouse Investment Fund II in March 2024.
