Derbyshire-based All British Precision Ltd , which provides precision-machined components to the aviation, automotive and health-care sectors, is accelerating its growth plans after investing nearly £1 million in ‘state of the art’ machinery with the support of a £950,000 asset finance facility from Lloyds Bank Commercial Banking (www.allbritishprecision.com).

The new DMG Mori machinery will enable ABP to expand its production capacity by automating elements of its high-end precision milling and turning operations. Meanwhile, the ability to turn larger and heavier components has allowed the business to develop its product capabilities and target new markets.

The funding, which forms part of Lloyds Bank’s plan to lend up to £2.5 billion to firms in the Midlands in 2020, is the latest chapter in eight years of sustained growth since ABP was established in 2012 after the merger of Howardson Engineering and Medicione Ltd.

With the support of Lloyds Bank, the company has boosted its turnover by 400% (to £2 million) and seen the workforce at its facility in Ashbourne grow from five to 27.

Richard Allen, ABP’s managing director, said: “The recent purchase of three new CNC machines has been a real game-changer for us, in terms of the level of output we can deliver and the types of sectors and clients we can now target.

"The equipment also provides a new level of automation that gives our engineers more time to work on new projects and help the business to continue meeting the evolving demands of the market.

"The team at Lloyds Bank has been incredibly supportive throughout this process, giving us the confidence to continue investing in new technology and realise our ambitions of becoming a world-class sub-contractor of precision-machined components.”