Funding facilitates future growth for Newburgh Precision

A South Yorkshire precision engineering company has invested in its manufacturing equipment after securing two six-figure funding packages from Lombard Asset Finance.

Newburgh Precision, based in Rotherham, currently employees 75 staff and is aiming to become a 90-strong team by 2019.

Part of the funding has facilitated the refurbishment of the company's Asquith Butler gantry mill, used to machine various products for the defence and nuclear sectors, saving at least £500,000 in comparison to the cost of replacing the existing machine.

Further funding has allowed the company to renew the contracts for two other machines – a Fanuc Robodrill, employed to make large volumes of small parts, and a Kafo machining centre, which is used for the precision machining of helipads.

Plans are in place for further investment in existing machinery and facilities, with another machine currently on order and installation planned for February 2019.

Chris Staves, management accountant at Newburgh Precision said: "Our business has grown considerably over the past four years but in order to maintain this growth it is important that we invest in our existing machinery to ensure maximum efficiency.

"The funding from Lombard Asset Finance has enabled us to renew contracts and refurbish important machinery to increase our capacity as a firm. We look forward to taking delivery of a new machine in February and expanding our capabilities further."

Veronica Wales, Lombard senior relationship manager added: "Newburgh Precision's loyal customer base and future order book is evidence of its efficiency and strength as a business. Our funding will help the company continue to operate profitably and we look forward to supporting Chris and the team through further expansion."

Newburgh Precision www.np-ltd.co.uk

 

Related Articles

Top quality at the right price

Rotherham-based Newburgh Precision, a world leader in the contract manufacture of high-specification, project-critical component parts and assemblies, has acquired a new Kafo KMC-4140 double-column CNC machining centre from sole UK agent, TDT Technology. The machine has been purchased to produce high-value components for the defence industry.
3 years ago Features
Most recent Articles

Subcon conference programme announced

Make UK CEO Stephen Phipson CBE will present a state of the industry address at Subcon this September, one of many highlights of this year’s conference programme.
6 hours ago News

Matsuura to unveil new 5-axis machine at exclusive event

Matsuura Machinery has announced the debut of the MAM72-52V, a high-speed, large capacity 5-axis vertical machining centre which will be unveiled at a series of exclusive ticket-only events at the company’s showroom in Leicestershire during September.
9 hours ago News