Automotive engineering specialist Formhalls Vintage & Racing has secured a new funding package from Santander Corporate Banking to help put the company on a firm footing for future growth with the acquisition of the freehold of their business premises in Downton Business Park, Wiltshire.
The business, run by husband and wife team Terry and Heather Formhalls, specialises in the assembly and maintenance of engines for a wide range of transport, including vintage cars, motorbikes, airplanes and tractors. Formhalls moved to the site in Parkers Close, Downton Business Park, last year after an increase in demand for its services and the acquisition of a machine shop in Bristol.
The company quickly expanded to meet demand, almost doubling its turnover, due to the increased efficiency and extra workspace. The new finance will enable the company to purchase the freehold of the site, providing a secure and stable foundation for further future growth.
Terry, who founded the business more than 20 years ago, has more than 40 years experience in the industry. He is a former technical advisor to Classic Cars magazine and was the programme leader for engineering at Southampton City College.
Terry Formhalls said: “At Formhalls Vintage & Racing we recognise the importance of a positive approach in everything we do. Our customers appreciate our “can do” attitude and continue to entrust us with many exciting, (sometimes priceless) projects. This has enabled us to grow steadily to a point where we are now in a position to encourage the next generation of engineers to follow in our footsteps and preserve our great British heritage.
“It has been an absolute pleasure to deal with Santander, a bank which shares our work ethic. They have been an outstanding help to our business during the current phase of our planned expansion. Jacqui and her team have been proactive all through our negotiations to acquire additional premises and have dealt with matters in the most professional and helpful way.”
Jacqui Gregory, relationship director for Santander Corporate Banking, said: “I am delighted to have been able to provide this new finance package to secure the purchase of the current business site. Formhalls is exactly the type of well-managed small business that Santander is committed to help. Working with the directors has been a pleasure and I look forward to helping the business continue to prosper and grow.”
The company also operates from a main site in Salisbury and has an additional casting shop in Fordingbridge.