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SFIL's outstanding performance takes top business accolade

10 December 2007

Sheffield Forgemasters' forceful turnaround from the brink of closure has earned it a prestigious award.

Forgemasters has taken the top award at a prestigious city awards ceremony.

Up against the most dynamic companies in the Sheffield region, Forgemasters was named the winner of HSBC's Outstanding Business of the Year accolade at the Sheffield Business Awards. 

The glittering ceremony - organised by Sheffield Chamber of Commerce and thought of by many as Sheffield's business ‘Oscars' - celebrates the cream of the city's business community.

The accolade rewards many years of hard work by the current management team to preserve more than 600 jobs and prevent the closure of one of the world's most renowned engineering marques plus the comeback from the devastating multi-million pound impact of the floods this summer. 

Key to the MBO team's ethos over the last two years has been heavy investment in new technology, reinvestment in the plant and diversification which has resulted in a current record full order book worth £120m, the highest ever sales anticipated for 2008 and the establishment of new specialist subsidiary company Vulcan SFM.

Graham Honeyman, chief executive of Forgemasters said: "Forgemasters has made great strides forward. Much of that is down to the hard work and enthusiasm from the workforce.

"I feel very proud to be a part of this company, and would like to thank every member of our remarkable staff without whom winning this award would not have been possible."

Forgemasters is now winning influential and lucrative contracts with key industries worldwide for crucial, high quality engineered products and its award winning apprenticeship and graduate scheme is re-establishing specialist steel skills for the British industry. It successfully launched a share buy back scheme for employees this autumn which saw two thirds of the workforce take up shares in the company.

Graham added: "The company is held in high regard not only within the industry but also by members of the public, leading dignitaries and even by members of the royal family.

"The floods this summer illustrated the depth of feeling towards the company with staff, suppliers and influential figures leaping to assist in the company's immediate recovery."

Picture  Caption: Mark Vines (left) of award sponsor HSBC congratulates Dr Graham Honeyman (right) of winners Sheffield Forgemasters