Growth set to accelerate at Lancs aerospace supplier
A LANCASHIRE manufacturer which supplies components to the aerospace sector has invested in a new facility, a move that will help it create more jobs.
T&R Precision Engineering has moved into a new £1.3m base after a funding deal from NatWest and the bank’s asset finance partner Lombard.
Based in Foulridge, T&R Precision Engineering makes and supplies parts to a range of UK and global aerospace companies in both the civil and military sector including Boeing, Airbus and BAE Systems.
T&R had been leasing a unit for its main operations but due to the rapid expansion of the industry, the business wanted to buy its own premises to better support its 62 skilled staff and customers.
Managing director Tim Maddison, said:”The aerospace industry is expected to grow significantly over the next two decades. By 2031 the world’s passenger fleet will have expanded by 110%from 15,550 today to over 32,550 aircraft. T&R Precision Engineering wants to be in a place to support this expansion.
“We found ourselves in a position where we had outgrown the rented business premises but wanted to find the right space to support the business, our staff and our machines. We have skilled workers living in this area so wanted to remain here. The premises we purchased were used by another firm in the industry so it was exactly what we needed.”
The new premises will allow for T&R Precision Engineering add up to 10 new jobs during the next year, including some apprenticeships too.
NatWest relationship manager Andy Kay said: “As a bank we are committed to supporting manufacturing businesses like T&R Precision Engineering which play an important role in their local economies. I wish the business every success for the future.”
Lombard provided funding for new equipment for the premises.
