West Midlands-based Cube Precision Engineering (www.cubeprecision.com
) is creating four new jobs after investing in new machinery with the help of a £300,000 funding package from Lloyds Bank Commercial Banking.
The company, which has been manufacturing specialist tools for the automotive, aerospace, defence and other sectors for more than 10 years, counts Jaguar Land Rover and Honda among its many customers.
Employing 42 people, it has seen a 15% increase in demand from customers in the UK over the past 12 months and is aiming to grow its turnover to over £5 million in the next two years.
The purchase of a new MTE BF3200 CNC milling machine will help to boost its capacity by 12%.
This new machine will be joined by two second-hand Hurco machines bought at auction. The Hurco DCX22 with through-spindle coolant and a 10,000rev/min spindle will support its large machine shop, and the VM10 will provide additional capacity for smaller projects, plus individual dies.
The firm will now be able to produce a range of more complex and custom-designed products for its clients.
Neil Clifton, managing director of Cube Precision Engineering, said: “Due to the high volume of work, our existing machines were in need of an upgrade.
"We have been with Lloyds Bank for over 10 years, and its understanding of our business has been invaluable. We look forward to working together for many years to come.”
Mark Meakin, relationship manager at Lloyds Bank Commercial Banking, said: “The West Midlands has always been the heartbeat of the manufacturing industry in the UK, and it accounts for a fifth of the region’s economy.
"Cube Precision Engineering’s continued focus on investment demonstrates its ambition for the future and sets the bar for other manufacturers.”