MSIF Backing Sets Up GM Drumworks

16th July 2007

A new Liverpool company that manufactures specialist tinplate components has been set up with backing from Merseyside Special Investment Fund (MSIF).

GM Drumworks makes lids and bases for storage drums that are used in the edible oil, paint and lubricant industries. The process is extremely technical and needs specialist machinery and skills to ensure the parts are made to the highest standard and are guaranteed leak proof.

The company, which is run by directors Graham McVittie and Zulkifly Muhammed, has raised a funding package totalling almost £3/4m which includes a £60k loan from MSIF’s Small Firms Fund, support from Barclays and the directors’ own investment.

Mr Muhammed said: “Graham and I have worked in this industry for many years and knew there was a gap in the market as previously the parts had to be imported. The money from MSIF has enabled us to buy the state-of-the-art machinery required to manufacture the components and we can produce 48,000 a day making it a much quicker and cheaper option.”

Small Firms Fund Investment Manager, Alan Birkett said: “This company is operating in a niche market and the directors are highly skilled and experienced in this sector. We believe they have what it takes to make a success of this business and think it deserves to do very well.”

GM Drumworks currently employs five staff and this figure is expected to double in two years. Turnover this year is predicted to reach £700k.

Ends

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L-R Graham McVittie (GMD) Alan Birkett (MSIF) Zul Muhammed (GMD)

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