Billcar Precision Engineering targets growth after £200,000 funding deal
A SHROPSHIRE engineering firm has recruited two apprentices and invested in new equipment after securing a six-figure funding deal.
Shrewsbury-based Billcar Precision Engineering is now looking to expand its export capabilities.
The firm is targeting growth after securing a £199,750 hire purchase facility from Lloyds Bank Commercial Finance.
Established in 1981, the firm manufactures parts for businesses operating in the agriculture, oil, rail, automotive, tooling and marine industries, working on both prototype designs and large batch component production.
The business has consistently invested in the latest computer aided technology in recent years to improve its production capabilities.
To maintain this it looked to invest in a new Mazak five-axis machine, which is two-and-a-half times faster than its predecessor.
As a customer of Lloyds Bank Commercial Banking, it was introduced to Lloyds TSB Commercial Finance, which provided a hire purchase facility to enable the business to purchase the machine. The company is using the funding to pay down the full amount over an agreed period to ensure its cashflow remains fluid.
The new machine has allowed the business to pass on shorter lead times to its customers and at a lower cost. It can now fulfill orders that it would not have been able to previously complete.
The firm has an annual turnover of £2.5m and will use its improved production capability to focus on securing additional contracts. To meet the increased demand the business, which has 38 employees, has taken on two new apprentices. Currently 80% of its workforce joined the business as apprentices.
Bill Pryce, owner of Billcar Precision Engineering, said: “The business has grown recently, which reflects the team’s hard work and expertise, and our commitment to investing in the highest quality equipment to support production. With the hire purchase facility from Lloyds Bank Commercial Finance we are able to upgrade our machinery and focus on generating further growth for the business.
“We need staff that we can rely on, and our rolling apprentice scheme has helped us to grow a team with the skills and expertise needed to meet client demands at the highest standards.”
Keith Moore, regional manager at Lloyds Bank Commercial Finance, said: “SMEs like Billcar Precision Engineering Ltd are ideally suited to benefit from the flexibility of hire purchase facilities. The funding enables them to purchase the machinery that they need to meet increased customer demand, without putting pressure on the business’ working capital.”
Catherine Howell, relationship manager at Lloyds Bank Commercial Banking, said: “Billcar Precision Engineering has strong growth ambitions and it is important that the business has the capabilities to stay ahead of its competitors. The hire purchase funding was the ideal fit to enable the business to purchase a faster and more productive machine, and help them to secure more contracts in the future.”
