Witton-based Conway Precision Engineering (
www.gauges.co.uk), which designs and manufactures gauges, jigs, fixtures and other items for the automotive and aerospace industries, has completed a management buy-out (MBO) with the help of a £400,000 finance facility from HSBC.
The company currently employs 17 people; it aims to increase its turnover from £1.2 million to £1.5 million in the next 12 months and to recruit three more people.
Managing director Garry Fisher said: “Now that the MBO is complete, we are looking to retain and expand the new contracts we have won over the past six months.
“We’ve already seen a 50% increase in turnover and created three new full-time — and highly skilled — jobs this year, and I hope to continue this growth.”
The company intends to purchase new equipment with HSBC support as the business grows, and to secure new contracts from automotive and aerospace OEMs. It has also started an apprenticeship programme, to train the next generation of
engineers.