Wells Plastics, the Staffordshire-based additives group, has received a £1.5m investment from private equity firm Key Capital Partners (KCP) and existing shareholders.
Wells Plastics’ chief executive Dr Neil Partlett said the funding, which follows an initial investment from KCP in February last year, will help increase production capacity by paying for new machinery, as well as investment in offering more flexible production practices.
“The follow-on funding is great news for the development of Wells Plastics. It will help us develop the production facilities we need to support the future growth plans of the business,” he said.
Mark Buttler, director at KCP, said: “Despite the difficult conditions in the manufacturing sector, Wells Plastics has maintained a strong position.
“We remain on the lookout for opportunities to expand and continue pushing into new markets.”
Wells Plastics employs over 40 people at its manufacturing site at Stone in Staffordshire and said it has a turnover of £10m.