Newburgh Precision gets funding Rotherham-based Newburgh Precision, a sub-contractor that makes high-specification components and assemblies, has invested in its machinery after securing two six-figure funding packages from Lombard Asset Finance (www.np-ltd.co.uk.

The company’s Asquith Butler gantry mill, which is used to machine various products for the defence and nuclear sectors, has been refurbished, saving at least £500,000 in comparison to the cost of replacing it.

The funding has also enabled Newburgh Precision to renew the hire contracts for two other machines — a small Robodrill, which is used to make large volumes of small parts, and a Kafo double-column CNC machining centre, which is used for the precision machining of helipads.

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. We look forward to taking delivery of a new machine in February next year and expanding our capabilities further.”

The company, which currently employs 75 people, is also aiming to expand its workforce to 90 by 2019.