West of Scotland-based Ayrshire Precision Engineering Ltd (www.ayrshire-precision.co.uk), which makes components for the oil and gas industry, plans to double in size after receiving a six-figure funding package from the Royal Bank of Scotland.

This follows the buy-out of the company by Chris Hepburn, its managing director of four years, who said: “The company turns 50 in 2019, and while we want to celebrate our heritage, we’re also looking to the future.

"We are investing in our equipment, updating our processes, and training our apprentices in the skills needed to successfully diversify the business into new markets.

"We’re in a good position to do this, thanks to an experienced team and a loyal client base, and we will continue to deliver the high-quality components and service we’re known for.”

Established in 1969, the business has a turnover of about £2 million. It has invested more than £1 million in equipment over the last four years and will continue to invest as it grows.

It currently has 23 members of staff, 10 of whom originally joined as apprentices, and it intends to take on more apprentices in the coming years. Funding was provided by the Royal Bank of Scotland and Lombard Asset Finance.

Andrew Macleod, senior relationship manager at the Royal Bank of Scotland, said: “Although the oil and gas industry is in a period of relative stability, Chris and his team are taking the opportunity to expand into other sectors to grow and secure the future of the business.

“There is particular focus on training up the next generation of engineers, which is important for both the local community and the profession, and we wish Chris and the business well in the years to come.”