Fastlathe, an engineering business with bases in Yorkshire and Nottinghamshire, is responding to record client demand with a £200,000 investment in hi-tech equipment.
The deal, facilitated by broker Ben Lavin of Empire Finance, was made possible thanks to a £200,000 asset finance credit line from Cambridge & Counties Bank.
The firm has acquired two new Mazak turning centres which will be used to replace an aged asset, which will increase output and improve efficiencies.
In addition, two of the firm’s primary customers have substantially increased orders, so the additional machine will mean Fastlathe does not have to sub contract out the work.
“Acquiring new machines, such as these two Mazak turning centres, can be a significant expense for a relatively small business such as Fastlathe but we are wholly confident in the firm and our opportunities,” said MD Paul Horspool.
Arshad Miah, Business Development Manager at Cambridge & Counties Bank, added: “This is exactly what we as a bank are dedicated to do – helping UK SMEs invest for growth.
“Asset finance can be a better means for business to fund new opportunities and we are focused on building our asset finance book further.”