A Derbyshire-based manufacturer is accelerating its growth plans after investing close to £1 million in new machinery with the support of Lloyds Bank Commercial Banking.
All British Precision, which provides precision-machined components to the aviation, automotive and healthcare sectors, acquired the new state-of-the-art equipment with the support of a £950,000 asset finance facility from Lloyds Bank.
The new machinery, provided by DMG Mori, will enable the firm to expand production capacity by automating elements of its high-end precision milling and turning operations. Meanwhile, the ability to turn larger and heavier components has allowed the business to develop its product capabilities and target new markets, as a result.
The funding, which forms part of Lloyds Bank’s expectations to lend up to £2.5 billion to firms in the Midlands in 2020, is the latest chapter in eight years of sustained growth since the firm’s incorporation in 2012.
The Ashbourne-based firm has boosted turnover by 400 per cent to £2million and seen its employee base grow from five to 27.
All British Precision was formed following the merger of Howardson Engineering and Medicione Ltd.
Richard Allen, managing director at All British Precision, said: “The recent purchase of three new CNC machines has been a real game-changer for us in terms of the level of outputs we’re able to deliver and the types of sectors and clients we’re now able to target.
“The equipment also provides a new level of automation which gives our engineers more time to work on new projects and help the business to continue meeting the evolving demands of the market.
“The team at Lloyds Bank has been incredibly supportive throughout this process, giving us the confidence to continue investing in new technology and realise our ambitions of becoming a world-class sub-contractor of precision machined components.”
Chris Perkins, relationship director (SME) working with Lee McAllister (hire purchasing and leasing) at Lloyds Bank Commercial Banking, said: “The manufacturing industry continues to be an integral part of the long-term sustainable success of the UK Economy. The Midlands, in particular, remains a hotbed for top industry talent and All British Precision is a fantastic example of a business leading the way in terms of technical excellence and great British engineering.
“From the outset, Richard and the team have recognised the need to invest to deliver growth, adopting new technologies that allow the firm to compete on a global scale. The new machinery also provides a more environmentally responsible approach to their operations while enabling the team to focus on more skilled roles.
“We’re proud to support businesses like All British Precision as they invest in their continued growth strategy and will be by the side of businesses in the Midlands as part of our commitment to help Britain prosper.”