Six-figure funding facilitates acquisition
A six-figure asset finance loan from Lloyds Bank has seen engineering firm Parker Precision purchase key assets from Kepston Ltd.
Through the sale of the precision grinding department at Kepston in Aldridge, it has safeguarded the jobs of the eight existing employees and operations will now move to Parker Precision’s recently extended manufacturing site in Bilston.
Marc Corns, owner & managing director of Parker Precision, said: “The precision grinding department at Kepston Ltd is well established and a major player in the industry. Combining our expertise will strengthen both businesses and enhance the products and services we can offer our existing customers, as well as bringing in new clients.”
Parker Precision says the deal will enable the company to offer more services in the aviation, petrochemical and defence industries. It also looks to expand into new sectors including motorsport, pharmaceutical engineering and food packaging.
Following the pandemic, the company hopes to increase turnover by two-thirds next year, in comparison to 2020. It also aims to grow its staff.
Claire Carr, relationship manager at Lloyds Bank, said: “Parker Precision has a burgeoning reputation in the region and beyond, and their acquisition of Kepston’s precision grinding division will not only help them to grow further but also protect a number of jobs in the region.”
Previous funding from Lloyds Bank helped to fund the construction of the new extension to the Bilston site.