£200K funding for ambitious engineering company
A specialist in precision engineering for the aerospace and automotive sectors has secured development capital to accelerate its plans for a £50m turnover in the next five years.
BCW Engineering Limited (BCW) has received a £200,000 loan from Lancashire Rosebud Finance which is managed by Enterprise Ventures, on behalf of Lancashire County Developments Limited (LCDL).
Since the business was founded in 2002, by directors Alec Cassie and Andy Whelan with Paul Biggs, it has grown significantly into a large group of 150 employees and expects to achieve a turnover of around £20m this year.
Based at Innovation Drive in Burnley, BCW has doubled its factory space to more than 100,000 sq feet to drive forward expansion and offer a complete precision engineering service to automotive and aerospace clients.
There are also plans to acquire and develop a treatment plant for the aerospace sector, which will broaden the on-site offer available to customers and increase its workforce with 12 new job roles.
Brent Collins, managing director Automotive Division of BCW Engineering, said: “BCW have welcomed the keen interest and encouragement of the Enterprise Ventures team during our growth period. This new funding will be utilised in gaining, amongst other objectives, NADCAP approvals which will further enhance the BCW Treatments business.”
Peter Rooney, investment manager at Enterprise Ventures, part of Mercia Technologies PLC, said: “We have been monitoring BCW Engineering’s significant growth for some time and having invested in skilled roles in key manufacturing sectors within Lancashire, they are now seen as a major employer in the Burnley area with ambitious plans for expansion.
“In the UK, the automotive industry generates around £50 billion worth of revenue and the aerospace industry employs over 100,000 people, so we are pleased that Rosebud is able to support such thriving sectors.”
Andy Walker, head of business growth at Lancashire County Council, said: “BCW are a fast-growing company who are already doing great things, supplying to some big name global brands.
“They’re focussed on driving innovation and looking to open up new business opportunities. It looks like they’ve got a very bright future ahead and we’re proud that Rosebud is helping them to further increase their potential.”