Originally established in Two Law, County Durham, in 1868, Bonds Foundry was named after Joseph Bond, who was one of the UK’s earliest steel patent holders.

It was set up by Charles Attwood, with support from Baring Brothers, who moved his iron foundry down the valley from Wolsingham. Located on Iron Works Road, the foundry was there even before the village of Tow Law itself.

The 144-year-old foundry has a colourful recent history, after being placed into administration in 2000, then dramatically saved at the 11th hour by the Steel Group – now known as Bonds Limited – led by Paul Duncan. Since then, the firm has gone from strength to strength, acquiring 60-year old firm Precision Products (Cumberland), in Alston, Cumbria, in September 2008, and changing the name to Bonds Precision Castings.

The acquisition allowed the firm to expand its markets by giving it the ability to produce high-specification, small steel castings by the Shaw Process, a specialist ceramic process which it was instrumental in inventing.

To enable the firm to cover all sizes of casting, it this year acquired an old fridge factory in Crook, and spent £4m transforming it into a state- of-the-art facility which will cater for medium sized castings, from 0.25kg to 12 tonnes, expanding the company’s breadth. It also invested another £250,000 in its Alston plant.

The expansions have enabled the firm doubling its workforce within a decade, and growing staff to almost three times the original level within 12 years.

Export success has helped the firm’s turnover double from £7m in 2008 to more than £15m today. The firm won the Queen’s Award for Enterprise for its advances in overseas trade last year.