19 Jun 2017
New premises for county engineering company
The Stroud Metal Company has been awarded £3.5 million by the Gloucestershire Infrastructure and Investment Fund (GIIF) to facilitate the relocation of both factory and office space, to a new site located off Brunel Way in nearby Stonehouse.
The business has been producing precision components at their site in Stroud, for over 100 years. With roots dating back to the 19th century, Stroud Metal Company was officially incorporated in 1926 and is still a privately owned, family run business continuing to build upon their £6m turnover. More recently they have acquired Cotsworld Plastics Ltd, thus further growing their workforce.
The loan will enable the organisation to bridge the gap in between the construction of the new premises and the relocation of the business.
The two phase project, which will create 100 local jobs, will begin by constructing a new factory and office complex. The factory is due to open in December 2017 and will incorporate a green energy initiative including the installation of solar panels. Once fully operational, the company intend to offer three apprenticeships per annum to further grow the local economy.
Matthew Large, Managing Director of Stroud Metal Company and Cotsworld Plastics, said: “The support of GFirst LEP, Gloucestershire County Council and Stroud District Council were key to this project and without their assistance we could not have made it happen. Stroud Metal Company is thrilled to confirm that the construction of their new premises at Brunel Way, Stonehouse, has now commenced.
The land at the 5½ acre site has been cleared and is being prepared to accept a 79,000sqft bespoke premises to accommodate both Stroud Metal Co and their sister company, Cotswold Plastics. The investment in this new factory safeguards 62 highly skilled engineering jobs and will reinforce our position as a global player in the manufacture of deep draw metal pressings and plastic injection mouldings to the Advanced Automotive, Aerospace and Medical markets; as well as helping us develop the young engineering talent we need to help us grow further.”
David Owen, Chief Executive of GFirst LEP, added: “I’m pleased that a long established county business has been able to secure this loan from the Gloucestershire Infrastructure and Investment Fund - it’s great to see that Stroud Metal Company will create over 100 new jobs and support apprenticeships within the county.”
David Hagg, Chief Executive of Stroud District Council, added: “We supported the Stroud Metal loan application as a critical part of retaining the company and jobs within Stroud District. By helping the company move and expand into Stonehouse, its existing site in Dudbridge can be redeveloped as part of a wider regeneration scheme.”