Remanufacturing firm NSL Automotive Components has expanded its Coventry operations after acquiring a local car parts supplier for a six figure sum.
The fast-growing business, which specialises in the remanufacturing of steering systems, has taken over neighbouring firm Coventry Core Supplies as part of its latest drive to extend its offering in the city.
According to boss Mick Parsons, the deal will not only help the business to further expand its product range and services, it will also streamline the supply chain.
Mick believes the acquisition will also provide the company with a competitive advantage as he will be purchasing his own core – effectively taking out the middle man. And the company will also be able to supply and sell core to other dealers and remanufacturers across the country.
The new acquisition will also see Mick offering a consumer option arm to the business together with a new advice column – Dr. Core!
Mick said: “The acquisition of Coventry Core Supplies is tremendous news for both companies as the deal will place the business in an even stronger position going forward – forming part of NSL’s ongoing drive to grow and build the business.
“This investment will allow us to expand our offering so we can continue to meet the increasing demands of the automotive industry across the UK, as well as safeguarding jobs in the city.”
NSL Automotive Components, which was formerly known as Coventry Powering Steering Specialists, was acquired by Mick – who was an employee – in August 2013.
Within its first year NSL passed the £1million a year turnover milestone and in the last two years, Mick has quadrupled turnover. The business has also benefited from major investment with the entire operation moving to a factory unit on the New Inn Bridge Industrial Estate off the Foleshill Road – three times larger than its previous base.
With orders pouring in for its reconditioned steering systems, Mick was able to invest £45,000 in a range of new equipment earlier this year to improve productivity and efficiency while giving customers a higher level of service.
And since acquiring the business, Mick has taken on new staff as well as a number of apprentices to help steer the company in the right direction.
Mick added: “Over the last two years, the business has gone from strength-to-strength to become a trusted and well-respected name in the remanufacturing of steering systems. We have very much remained focussed on improving and growing the business and this latest acquisition is an exciting new chapter in our ongoing success story.”