South Wales-based JR Gilbert Engineering, a precision engineering company, has secured a £650,000 invoice finance facility from Santander UK to support its next phase of growth.

The additional support will ensure that the business, established in 1983 and specialising in cutting, surface grinding and precision machining, has the working capital available to continue its growth trajectory, improve its operational resilience and has already facilitated a shareholder buy-out.

The company has customers in a wide range of sectors including rail, energy, steel, print and food and drink, and has achieved strong growth over the last three years, more than doubling its sales in that time.

With the new invoice finance facility in place, the company says it can improve its operational resilience, confidently pitch for larger projects and grow its workforce as the business continues to expand.

Colin Beavis, J R Gilbert Engineering managing director, said: “This facility will allow JR Gilbert Engineering to continue to grow and take advantage of the many opportunities in the engineering sector.”

Paul Williams, Santander UK relationship director, said: “JR Gilbert Engineering has performed incredibly well and achieved significant organic growth, doubling its revenues over the last three years despite challenging economic conditions.

“Following its move to Santander earlier in the year, we are delighted to provide this facility as the business enters its next growth phase and we will work closely with it as the company continues its journey.”