A high-end precision engineering company in Rotherham has invested significantly in its existing machinery to meet its full order book for the coming years.
Newburgh Precision Limited has used two six-figure funding packages from Lombard Asset Finance to reinvest in and refurbish its machinery assets. The investment will increase the company’s capabilities and ensure maximum productivity as it continues to operate across various sectors, including defence, power generation, oil and gas.
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 £500k 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 small Robodrill, employed to make large volumes of small parts, and the KAFO, which is used for the precision machining of Helipads.
Founded in 2014, Newburgh Precision Limited operates from purpose-built premises in Rotherham. The company currently employees 75 staff with ambitions of becoming a 90-strong team by 2019.
Plans for further investment in existing machinery and facilities are already underway, 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.”
Lombard senior relationship manager Veronica Wales said: “Newburgh Precision Limited’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.”