Close Brothers Asset Finance funds new laser investment 

Based in Stratford-upon-Avon, Savcon Engineering offers CNC machining and turning, presswork and large-scale fabrication, including various components for the agricultural industry, vehicle suspension parts, and high-precision parts for the electronic industry, among other items.

Andrew Maude, area sales manager for Close Brothers Asset Finance’s Engineering division, commented: “Coming out of the earlier lockdown, Savcon Engineering’s order book increased rapidly as customer projects started moving again, but with their existing Mazak laser running round the clock they understood that to keep up with demand they would need to subcontract work out, costing an estimated £30K per month.

“And with only one laser, they also risked being exposed to breakdowns and a complete stop to production. The new laser will allow them to significantly speed up production and add more capacity.”

He continued: “The flexible nature of CBILS meant we could offer a 0% deposit deal, allowing Savcon to keep their cashflow intact, freeing up funds to purchase the materials required to cope with the growth in the order book.”

Rob Stone, CEO of Savcon Engineering added: “This was a significant investment for us but it’s one we needed to make if we were going to continue growing the business and keep up with demand.

“We’re really pleased with the flexible way Close Brothers Asset Finance structured the deal, understanding the importance of keeping cashflow unaffected. This partnership approach is something we truly value – they clearly understood what we wanted to do and worked out a deal that suited our needs.”

Close Brothers Asset Finance www.closeassetfinance.co.uk

Savcon Engineering www.savcon.co.uk