A FAMILY-RUN electronic components distributor is expanding after experiencing major growth across the world.

Toby Electronics based in Banbury has built a 15,000 sq ft extension to its warehouse in Beaumont Road and taking on five new members of staff thanks to export growth in Europe, Asia, Brazil and the United States as well as the UK.

Managing director Tim Portlock said: “The new warehouse extension is a significant step forward for Toby Electronics. Not only will it allow the business to grow and diversify, but also help increase our visibility within the market place — proving that we can handle big contracts from large companies despite being a small business.”

The business was founded in 1983 by Mr Portlock and his father James.

Since James’ retirement 10 years ago, Mr Portlock and his brother Jim have continued to grow the company, recently winning a contract with a major international electronics manufacturer which will see turnover reach £8.7m. It currently employs 23 staff.

The extra space at the warehouse also allows the business to begin manufacturing some components at the site instead of importing them from Asia.

Toby Electronics funded the extension through an £880,000 loan from Lloyds Bank Commercial Banking.

Graham Reed, relationship director SME Banking, Lloyds Bank Commercial Banking, said: “When Tim and Jim approached us with their expansion plans, we could immediately see the potential growth the extension could bring to the business.

“Toby Electronics is a brilliant example of a family-run business that understands the need to modernise and expand in order to continue to grow.”