Manufacturer secures £100,000 investment for Range Rover Evoque contract
Wednesbury-based manufacturer Star Precision Tools has secured a £100,000 investment to produce new tooling for components needed for Jaguar Land Rover’s (JLR) recently revealed second-generation Range Rover Evoque.
The investment, provided by the National Tooling Loan Fund and introduced by Frontier Development Capital, will support a contract to provide a component supplier with the tooling needed for the new Evoque, set to be launched to market in 2019.
The project will deliver 10 specialist press tools for manufacturing components to fit in the vehicle’s glass sunroof, as well as the main plastic surround – crucial in reducing damage when the vehicle is crash tested or involved in a collision.
Established in 1987, Star Precision Tools is a family-run business and has more than 30-years’ experience in developing and manufacturing tooling for OEM’s and Tier 1 supply chain businesses.
Completing projects for a variety of sectors, the firm’s key client base operates within the automotive sector – supplying components and tools used by global brands including Honda, Nissan, Aston Martin, Bentley and Jaguar Land Rover.
Jayne Bates, director at Star Precision Tools, said: “First and foremost, we are a family-run business that has played a huge role in developing quality, innovative tooling and components for clients across a range of sectors including automotive, storage and agriculture.
“Our track record and commitment to delivering bespoke products places us well to serve new tooling requirements. This investment from Frontier Development Capital will help us to support JLR now and in the future, driving the short and long-term growth of the company.”
Frontier Development Capital, is the appointed introducer for the National Tooling Loan Fund. With finance available between £50k – £2m, the fund is designed to support component manufacturers and toolmakers in designing, developing and manufacturing tooling for new and confirmed projects.
Marie Kelly, investment manager at Frontier Development Capital, said: “Star Precision Tools has built a name for itself with global brands as a high-calibre tier 2 tooling manufacturer, helping it to secure this flagship project with the largest automotive manufacturer in the UK. This not only reaffirms the Midlands’ position as a home of industry but provides confidence that suppliers here in the UK can fulfil vital contracts and drive high-growth industries.”
