Firm invests six-figure sum to improve efficiency

L-R Veronica Wales, Lombard senior relationship manager, Vince Middleton, chairman at Newburgh Precision and Chris Staves, management accountant at Newburgh Precision
L-R Veronica Wales, Lombard senior relationship manager, Vince Middleton, chairman at Newburgh Precision and Chris Staves, management accountant at Newburgh Precision
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A high-end precision engineering company in has invested thousands of pounds to ensure it is as productive as possible.

Newburgh Precision Limited has used two six-figure funding packages from Lombard Asset Finance to reinvest in and refurbish its machinery assets.

The investment will increase the company’s capabilities and ensure maximum productivity as it continues to operate across various sectors, including defence, power generation, oil and gas.

Part of the funding has enabled the company to complete the refurbishment of the their Asquith Butler Gantry Mill which used to machine various products for the defence and nuclear sectors.

By re-vamping their existing equipment, the company have saved at least £500k in comparison to the cost of replacing the existing machine.

Further funding has allowed the company to renew the contracts for two other machines; a small Robodrill, employed to make large volumes of small parts, and the KAFO, which is used for the precision machining of Helipads.

Chris Staves, Management Accountant at Newburgh Precision, said: “Our business has grown considerably over the past four years but in order to maintain this growth it is important that we invest in our existing machinery to ensure maximum efficiency.

“The funding from Lombard Asset Finance has enabled us to renew contracts and refurbish important machinery to increase our capacity as a firm.”

Newburgh Precision Limited operates from purpose-built premises in Rotherham. The company , which was founded in 2014, employees 75 staff and the managers hope to employ 90 by 2019.

Plans for further investment in existing machinery and facilities are already underway, with another machine currently on order and installation planned for February 2019.

Chris added: “We look forward to taking delivery of a new machine and expanding our capabilities further.”