LLOYDS BANK BACKS BLACK COUNTRY MANUFACTURER'S EXPANSION PLANSUncategorized
A Black Country engineering business has secured more than £500,000 of new funding to speed up its manufacturing process and meet increased demand.
Rowley Regis-based Cube Precision Engineering designs and makes press tools and CNC machine components for aerospace, automotive and defence companies.
It approached long-term banking provider Lloyds Bank Commercial which provided £460,000 of asset finance to support the purchase of two new milling machines for cutting large, complex components.
Additional funding of £115,000 was secured through the Regional Growth Fund which supports businesses looking to invest in new assets and create local economic growth.
The purchases have enabled Cube Precision Engineering to speed up its manufacturing process by 30 per cent.
The company, which has a turnover of around £4 million, has also taken on four new members of staff in order to facilitate its increase in new orders, with plans to create further job opportunities in the next six months.
Managing director Neil Clifton, Managing Director at Cube Precision Engineering, said: "We had been experiencing a high level of demand for our large CNC machining components and, in order to fulfil this, we needed to increase our manufacturing capabilities by purchasing new machinery.
"The team at Lloyds Bank have played an instrumental role in helping us make this investment and we are now able to manufacture our products at a timelier rate.
"Moving forward, we plan to pursue a growth-through-acquisition strategy by vertically integrating our suppliers into the business, and we are grateful for the bank's support."
Mark Meakin, relationship manager at Lloyds Bank Commercial Banking, added: "Cube Precision Engineering is a well-established local business in a highly skilled area of manufacturing and this investment in new machinery marks an important milestone for the business in achieving its growth plans."