Clay Cross-based N&R Needham has received £52,425 from the University of Derby Invest to Grow fund to purchase a CNC co-ordinate measuring machine so that it can take on more work (www.nrnengineering.co.uk) .

The company has more than 40 years’ experience of precision-machining components, but it was still using traditional manual measuring tools.

Further Invest to Grow funding has been used to purchase a CNC turning centre and provide training for employees.

Managing director Joe Needham said: “We’ve been able to accept orders that we couldn’t take previously. This has resulted in revenue growth and profitability that wouldn’t have been delivered without the funding.”

The increased quality and complexity of work that the company can now handle has opened up new opportunities in sectors such as automotive and oil and gas.

The Invest to Grow funding has also enabled the business to create three new jobs — with the prospect of more to come — and to expand its R&D activities.

Mark Wheddon, head of strategic programmes at the University of Derby, said: “We are pleased to support N&R Needham with this funding. The business has a lot of offer, and we can expect great things from them in the coming months.”